WWW is right, as long people loose their job, house market will continue to go down generally.Unemployment and house marked are linked together.
In USA, people are selling their house at 40%-50% of the "real value"of 1-2 years ago. Still, people are broke and live outside, in camping places, and loan are very hard to get. You don't get a loan when you have no job.
when the end of the recession will come(it will start in the USA probably), it will take several years to be back like 2007-2008.Maybe 5-8 years.During the first 3 years, it will be still very hard to get a job. This is why there is no need to rush in a flight training, considering it takes only 2 years to train a pilot.
Several airlines may be out of business in a few months(after summer 09 or after winter 2010), it will just ad more alcohol in the fire.
If you are young, I would wait 2011, and depending of the situation, start training around 2013 to be ready in 2015 for the high peak of employment.