WASHINGTON — Just when some pundits and housing experts were claiming to see the bottom of the housing market, signs keep pointing downward, with available home prices declining steeply and inventory rising.

Mark Zandi, chief economist at Moody's Economy.com. said “This is going to be another difficult spring. I think we are at the beginning of the end of the housing downturn, but it is going to be a long and painful end.”

CUNA's Chief Economist Bill Hampel told US News & World Report that “Looking ahead, the most important part of this month's National Association of Realtor's report is the increase in unsold homes on the market, to a very high 11.2 months' supply. Further price reductions will be necessary to move the excess inventory.”

Bargain hunters may be lured into the market, given lower prices, but getting home loans in a credit crunch may dampen any salutary effect.