Is the housing crunch over?

To adapt the late Speaker Tip O’Neill’s phrase “all politics is local”; I believe “all real estate is local”. Meaning an overall picture is only interesting to economists and decision makers. For the average guy real estate is a local phenomenon. So is the housing crunch over? Depends on how local you want to get.

Most agree: Housing crunch isn’t over yet – USATODAY.com: “Only 9% of economists say the housing decline ended in 2006, according to a USA TODAY survey of 55 economists taken Jan. 18-24. Another 42% said the downturn will end in the first half of the year, and 45% said housing will bottom out in the second half.”

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