Why home prices may not fall

I've mentioned a couple of times to friends that I'm waiting for home prices to fall with bust(/boom) cycle of the stock market and the economy. I've been told, it could take as many as 3 years. David Leonhardt suggests that it may take a while. Basically, when housing prices begin to fall, the fall in value is hidden by a decrease in volumes instead. Why? Because

"dropping the asking price below their purchase price — is especially difficult. It’s tantamount to admitting defeat."

So, I'll just have to keep waiting then...