Local housing experts say 2009 may be sluggish, but with interest rates at historic lows and looming inflation in 2010 and 2011, it's time to buy.

A panel of five residential industry leaders shared their analysis and forecasts of the Dallas-Fort Worth housing market at the Residential Real Estate Forum. The speakers included: Robert Gleason, director of governmental affairs for the Greater Fort Worth Association of Realtors; John V. Duca, vice president and senior policy adviser at the Federal Reserve Bank of Dallas; Ted Wilson, principal at Residential Strategies Inc.; Dr. Mark Dotzour, chief economist and director of research for the Real Estate Center at Texas A&M University; and Arthur Sterbcow, president of Latter & Blum Realtors in New Orleans.

"Unemployment is probably still going to rise quite a bit, but all the signs are classic signs that in two or three quarters, hopefully, [the recession is] going to be over," Duca said. "It's going to be a long way until we're all the way out, but we're going to get out and in Texas, we're not going down as much and a lot of people are moving in."

Wilson said the Dallas-Fort Worth area is in prime position for a rebound as the area has managed to maintain a six-month supply of homes on the market, which is the ideal supply.

"The new home supply is a little different, but in this area, builders did the right thing and pulled back. They have felt the pain here and have sold their way out of a lot of it," Wilson said.

But those cut-backs have come with a price, Wilson said. And that price has cost the Metroplex nearly one third of its builders.

Wilson said home prices, which have plummeted in some states throughout the nation, have remained positive in the Metroplex as Fort Worth reported a 1.21 percent increase in home prices in 2008 compared to a 4.47 percent loss nationally.

According to home cancellations numbers, Wilson said he thinks the bottom of the housing market was reached in November 2008, when hoards of home orders were cancelled as homebuyers grew leery of the failing national market.

"Increasingly, it looks like November was the bottom, which is a good thing since we're out of it," Wilson said.

Dotzour told Realtors to advise their clients of one key point: interest rates on loans are at a life-time low and the best time to invest in a home is now.

"There will be higher inflation in 2010 and 2011 no matter which way you cut it," Dotzour said. "… Interest rates are never going to get lower … Is the home going to lose some value? Maybe. But that's the short-term. In the long term, it will make money and that's what matters."

Sources: Fort Worth Business Press and Real Estate Center at Texas A&M University

Texas employers cut payrolls by 46,100 nonfarm jobs in February, the state's fourth consecutive month of job losses, according to the Texas Workforce Commission. The state unemployment rate edged up to 6.5 percent in February, from 6.4 percent in January. The nation as a whole had an unemployment rate of 8.1 percent last month.

"Texans are facing tough economic times now with significant statewide job losses," said Tom Pauken, chairman of the Texas Workforce Commission. "However, the Texas unemployment rate remains far below that of other large states and the nation as a whole."

Texas lost 55,900 jobs in January, according to revised figures. The Texas Workforce Commission said earlier this month that based on preliminary data the state lost 75,800 jobs in January, but that figure was changed to 50,600 in a subsequent data release by the U.S. Bureau of Labor Statistics. Texas lost 16,200 jobs in December 2008 and 7,600 the month before.

In February, Texas employers slashed 27,000 jobs in professional business services, 15,500 in construction and 13,600 in the trade, transportation and utilities category. The state lost 3,400 manufacturing jobs. Texas added 14,700 jobs in education and health services, and 1,600 in mining and logging. Government employment rose by 3,400 jobs.

Source: Real Estate Center at Texas A&M University