Slow market

Last night at dinner we got on the subject of real estate in town we used to live. The word from a family friend who still lives there is that the real estate and mortgage market has really bottomed out. Mortgage companies are closing the doors left and right; there just is no market. I guess we will be hanging on to our house there for awhile yet. We knew several people there who worked in real estate and mortgage sales. I wonder how they are doing through this?