Countywide Financial said the U.S. housing market may not recover before 2009.  That may be true for the nation as a whole, even though that sounds excessive, but real estate is local, in fact real estate is neighborhood based.  Phoenix is unlikely to be that patient.  Our city will likely recover sooner.  There is still a large influx of people moving here, the job market is very good, and despite the high supply of homes right now, the market is stable and in some neighborhoods it's doing just fine, if not stellar.