National Association of Realtors economist Jed Smith says the worst of the national housing crisis is over. While his organization has come under fire recently for its exceedingly optimistic market outlook, at a Realtor Association of Palm Beaches event yesterday, Smith claimed that while there won’t be a bold recovery, the deepest depths have been reached despite the ongoing overhang of high unemployment and continuing high foreclosure rates. Smith, who noted that the housing bust obliterated $12 trillion in national wealth, approximately $2 trillion shy of the national GDP, likened the real estate crisis to having the entire country go without pay for 10 months.