When you don't live in Florida, California, Michigan, Colorado, and Nevada......you tend to have a very different opinion on housing. Personally, I think housing will be slow for another 10 months, but next spring inventory levels will be very low, in about 40 states, and those states will see a fairly good rebound. Where I live in Minnesota, the inventory of new homes is probably somewhere around 10% less than they was a year ago. My guess is that by next year it'll be about 25% less than what it is this year. Many small builders have gone under already, a few large builders have left, and the large builders that are still here have recently cut back on their building by about 25% to 50% from last year.