The housing market will bounce back because real estate is a finite commodity. It is also all about location. As the economy continues to recover, people will feel more secure and more willing to make the investment in homes and other real estate. Good locations will see a bigger recovery at a faster pace.
As someone who luckily bought their home at the very bottom of the housing crisis, I can say with certainty that the housing market will one day bounce back. I would even go so far as to argue that it is already in the process of bouncing back to normal.
The housing market will bounce back. It is only a matter of time. Economics, money, markets, etc. are never stable. This has been a recurring theme for decades in this country. What goes up eventually comes down and vice versa. That's just how it is when it comes to housing markets.
It is going to take a whole, but I truly believe that the housing market will bounce back and be as good as it once was. I think once the economy and several other factor start to get better, we will see the housing market bounce back like it was a few years ago.