Fannie Mae says early-year growth may slacken as Europe's economic trouble weighs on the world and consumers in the U.S. remain cautious, but the company said Tuesday that it still sees housing prices strengthening enough to bottom out in early 2013.

Radar Logic analysts said Tuesday that they think there are enough economic headwinds and still enough oversupply in the U.S. to keep home prices from beginning to rise for several years.

Doug Duncan, chief economist for Fannie Mae, sees low interest rates and house prices overcoming the surrounding economic conditions. Quinn W. Eddins, Radar Logic's director of research, thinks price appreciation will stall and perhaps reverse as hopeful sellers put up their homes and supply exceeds demand.

From Radar Logic: "...analysts at Radar Logic contend that excess housing inventory will prevent sustained home price gains for years...."

From Fannie Mae: "...moderate growth is expected to continue for the remainder of 2012...."