We're on our way to a second leg down in housing prices, says Barry Ritholtz, writer of The Big Picture a founder of investment research firm Fusion IQ.

Why?

In short, because house prices are still too high.

Even after a plunge of more than 30% from the 2007 peak to the 2009 trough, house prices still did not fall to their long-term "fair value" level relative to incomes and rents of the past century.  Over the next year or so, Ritholtz expects prices will resume their fall and drop at least another 10% before bottoming.