Now it looks as though this big plane needs to stop and refuel before it can take off again.

The Clark County housing industry won't make even a gradual takeoff until late this year, and we might not be airborne until early 2009. As we refuel, a lot of baggage needs to be removed. In Clark County, we were and are overbuilt and overpriced. A lack of respect for good mortgage lending practices will take time to unload.

Here's what's changing that shows promise:

Lower interest rates with money readily available.

A large supply of homes-for-sale inventory.

A job market that remains positive.

All are favorable to a recovery. But it will be a buyer's market for a long time in Clark County, with at least a 12-month supply of homes to sell.

Adjustable-rate loans coupled with high gas prices have had a strong negative effect on home values and the current and future marketplace.

But despite market softness, Clark County and Southwest Washington have been doing and will continue to do better than most of the rest of the U.S. While serious delinquency rates on loans on the national level are near 9 percent, in Clark County the rate is less than 4.5 percent.

Nationwide, subprime loans to less-than-perfect borrowers accounted for 45 percent of foreclosures in 2006, and 2007 will definitely come in higher.

Local home values

Clark County is still and will continue to be a diverse market. We will see a small amount of appreciation continue in the value range of $150,000 to $225,000, up possibly 4 percent to 5 percent. Owners who purchased their properties three to five years ago still have a good amount of equity. Houses valued at $600,000, however, may see some downward pressure because of the slow market.

For those striving for home ownership, 2008 will be an excellent time to buy. The oversupply of homes for sale will surely favor first-time buyers and at the same time be good for owners moving up to bigger, more expensive homes.

Sales will likely remain sluggish into late 2008 and could come in below 2007 sales totals, possibly down another 10 percent.

But borrower beware. Work with long-established lenders and brokers. Once the inventory of homes is worked off, the refueled plane with less baggage eventually will take off. The market will be poised to rebound.