Housing rebound: When to spot one

Nationally, there's still a dark cloud hanging over housing. But to check the health of your local region, look for a few key clues.
by Amanda Gengler

This is already one of the worst national housing downturns in half a century. But what's really scary is that judging from the still-huge overhang of unsold homes - one of the key indicators of the market's prospects - things could get worse. In fact, much worse if the economy slips into recession.

But real estate is a local game. Your region could be in far better shape than the country as a whole. Median prices for existing single-family homes in a third of the country's metro areas are actually higher than they were a year ago, according to the National Association of Realtors.

Remember too that during the boom, regions moved at different times. Las Vegas and San Diego were among the first markets to take off. Boston spiked early as well, but not to the same degree. And Albuquerque and Portland, Ore. soared later.