What is the climate of your local economy? Now could be the time to see how your market is faring.

Experts have long touted that you can predict a local market's housing on the state of the local economy. Where the jobs go -- so goes the housing.

National reports are now indicating that jobless claims have reached a 16 year high. This figures comes from the Labor Department.

The New York Times reports that many experts "already expect unemployment to reach 7 percent by early next year and 8 percent by the end of 2009."

The Federal Reserve projects the rate could be even as high as 7.6 percent next year.