Depends on the region.
Things seemed to improve a tad in the late summer of '09 where I live, but this past fall the shortage came back with a vengence. In fact, I'd say the shortage where I live right now is the worst it has ever been.
Everybody is completely wiped out of ammo, except shotgun shells and one gunshop out in the middle of nowhere that only the locals seem to know about who has a pretty diverse, if thin stock. I've not seen more than a few (maybe 10 boxes in misc rifle calibers) at Wal-Mart in months. And whenever there is a local gunshow, dealers from out of my immediate region come in and bring in ammo by the crap ton, furthering my theory that the shortage is now VERY regional in nature.
Part of it for my area is that I've talked to a number of people who are convinced that the country is going to collapse into bloody civil war in the next year or two, and their ammo buying reflects this belief. A few have stated that they hit Wal-Mart in the early hours of the morning and buy whatever comes off the truck before it hits the shelves (up to the per customer limit), and that they then stop at all the local gunshops and clean out whats left there too. One guy said he had stockpiled 25,000-30,000 rounds of 5.56 NATO, but he wouldn't be comfortable until he had "hoarded" (his words) 50,000 rounds.
