The housing market has not bottomed out, according to USA Today survey of 55 economists taken Jan. 18-24. Only 9% believed that the housing market bottom was reach at the end of 2006, while 45% said we will see the housing market bottoming out later in 2007.

Obvisouly, not every economist is as pessimistic. Christopher Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi, is one of those optimistic economist who believed that the worst in housing downturn is over. The economy as a whole has been holding up nicely in the face of a housing slump.

But the economy may not be able to shrug off further declines, A.G. Edwards & Sons chief economist Gary Thayer says. Lower energy prices and a strong job market have thus far helped consumers weather the housing downturn.

Wachovia senior economist Mark Vitner says although recent housing data have been upbeat, they have been skewed by warmer-than-usual weather.

Economist Tucker Hart Adams worries about higher foreclosure rates and more homes on the market in the coming months because of resetting adjustable-rate mortgages and interest-only loans. She says the housing market won't stabilize in 2007.