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The housing correction started about 5 years ago, and that sounds like enough time for a correction to take place. After falling by an astounding 75%, housing starts have held at very low levels for the past two years. Although there is no sign yet of an upturn—the fact that January starts were up 15% from December, and much higher than expected, could well be due to seasonal noise—I have to believe that the decline in residential construction has run its course. Now it's just a waiting game to see when activity starts to improve, and I would think that should happen before the year is out.
Source: Has the Housing Correction Run Its Course?