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For sale signs line a residential street in Adelanto, California in the Mojave Desert. The housing market has struggled to regain momentum as home prices continued to fall during the past year.

There have been some glimmers of hope, and good news in the economy lately.

Unemployment is ticking down, slowly. Real wages are ticking up. Also slowly. But the housing market? It remains in deep trouble. A closely watched price survey out today shows prices fell an average of 3.7 percent during the past year. And the Federal Reserve's official view on housing? It "remains depressed."

So are many home owners. Nic Retsinas of Harvard's Business School joins the show. He studies housing.