House prices to spike again? 

Home prices could stay flat for an extended period before shooting up in a "hockey stick" recovery if builders can't meet pent-up demand once excess inventories are depleted, according to some analysts.

"Don't get caught up in the numbers" to reveal signs of a recovery in your market, said Elliott Pollack, a Phoenix-based real estate investor and CEO of Elliott D. Pollack & Co.

With homebuilding activity still near a record low, the inventory overhang in many markets is gradually being whittled away.

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