Here is a very nice summary of the current U.S. housing market situation from Freddie Mac.

Real estate geeks should read it all.

Most analysts expect a more hospitable environment later this year, with the level of buyer traffic as the spring selling season gets underway an important test for the market. Even the most cheery forecasters, though, warn of two possible storms still on the horizon: the burgeoning overstock of unsold homes, and the shakeout in the subprime mortgage market.