And they will.
TPC at Pragmatic Capitalism shows three charts here which demonstrate historically where we've been and where we are with respect to supply, demand and price.
From the peaks, demand for new homes is off nearly 80%, while prices of new homes are off only 25% and represent levels last seen in 2003.
Supply of existing housing is up over 70%, however. The current drop in supply to 10.5 months is seasonal but is still something like 160% higher than it was at the end of 2003. Clearing this inventory remains unemployment's doppelganger.