The bulls and bears debate the state of the housing market and where it is headed at the Real Estate Connect Conference in New York City. From the sound of things, most of the panel believes the market is heading lower. Nouriel Roubini who is an economics professor at NYU’s Stern School of Business, calls it the worst recession since the Great Depression. Dottie Herman, CEO of Prudential Douglas Elliman, says the current downturn has made homes more affordable and that the credit crunch will spread beyond real estate. Barry Ritholz, chief market strategist for Ritholz Research and CEO of Fusion IQ, calls for an overhaul of the system Wall Street uses for the packaging and selling mortgage risk and blames the Federal Reserve for keeping rates too low for too long. Finally, Noah Rosenblatt of Urbandigs.com says we needed this downturn to correct a market that has been appreciating for too long.