Typically in a news cast, there is only time to give a gloomy report. That is especially true of the housing market these days. According to recent reports, construction of new homes has plunged by the largest amount since 1990. The housing market is having a lot of problems because of rising listings and falling sales. In Nevada, the sales decline is up 27 percent. In parts of California, it’s up about 50 percent year after year. The condo market is even worse in many parts of the country. This could pose potentially dire consequences for people who own and great opportunities for those who’d like to buy. In the Washington D.C. area alone, the current inventory of condominiums would take until 2011 to sell off if no more complexes are built. So, if you’re in the market for a condo, you could get a great deal before 2007 is over. And, if you’re a renter, some of the condos that were converted from apartments are going to be converted back to apartments. Also, involuntary landlords are offering rock bottom rents because they don’t want to be in their current position.