The Standard & Poor's/Case-Shiller 20-city index dropped by 15.8 percent in
May compared with a year ago, a record decline since its inception in 2000. The
10-city index plunged 16.9 percent, its biggest decline in its 21-year history.
Source
Will this ever end? I’m not sure, but I do know that this is good for people looking to buy. Homes are getting cheaper and cheaper by the day.
At the same point, this is a national figure. Not all areas are in a decline. Since this stat is Real Estate, it's location specific. I have heard reports of people selling their homes in some areas of the country in less than two weeks, while others have been waiting a year or more! It is all about location, price and demand.