When will home prices start improving?

This question comes up quite often in my conversations with real estate prospects. My answer is always the same.
Real Estate prices will start improving when the economy starts growing and jobs are being created. The population of the US is growing and the growing population will require additional housing. Sooner or later, hopefully sooner, the demand of the additional growth in the population will put upward pressure on prices. But first, we need jobs and a growing economy.