Housing Crisis: Begining of the end or the end of the begining?

If history has to be believed, we are in the recession/mortgage crisis for another year or two. One of the reports published by IMF today suggests, even though correction in house prices has started, it is still far from "bottomed-out". Solace is in the fact that correction is happening since last 18 months and it should be mid-way through soon. If the interpretation is correct, $700 billion bailout is not going to be of much help. It may save some companies on the wallstreet but for some families this winter is going to be harsh.

Original Report & a video on youtube explaining the situation in detail:

Video: http://www.youtube.com/watch?v=KgxiakcCfvc

News Story: http://www.imf.org/external/pubs/ft/survey/so/2008/NUM100808A.htm