Nine years of housing inventory

This article from the WSJ, from March, says that, counting current for-sale inventory and shadow inventory (bank-owned houses and pending foreclosures), it will take nine years to work off the inventory and get back to a "normal" situation where house prices start increasing at a traditional three or so percent rate.

Admittedly, the article is dated but the housing situation has deteriorated since March.  Further, although I can't find competent estimates, there is a lot of inventory waiting to come on the market - many people are waiting for better times to sell their houses, and, there are a lot of cash-short baby boomers arriving at retirement age.

One wonders if normalcy in housing will in fact ever return.