Home Price Trends - on the doorstep of another decline?

There has been much speculation regarding whether the recent runup in prices has left the country ripe for another "bursting bubble".  Even here in Denver, where prices didn't fall all that much in the last bust, prices have risen dramatically, and inventory is still low.

Here is a very thorough article written by the former head of Goldman Sachs' research housing team which analyzes the situation and concludes that there are many indicators which point toward another decline in prices - as much as 15%.  Those who are investing with an eye on short term appreciation should take special note.