A tough question if you've been on the bench a long time. You don't want to seem like damaged goods.
BEST ANSWER: You want to emphasize factors which have prolonged your job search by your own choice.
Example: "After my job was terminated, I made a conscious decision not to jump on the first opportunities to come along. In my life, I've found out that you can always turn a negative into a positive IF you try hard enough. This is what I determined to do. I decided to take whatever time I needed to think through what I do best, what I most want to do, where I'd like to do it.and then identify those companies that could offer such an opportunity."
"Also, in all honesty, you have to factor in the recession (consolidation, stabilization, etc.) in the (banking, financial services, manufacturing, advertising, etc.) industry."
"So between my being selective and the companies in our industry downsizing, the process has taken time. But in the end, I'm convinced that when I do find the right match, all that careful evaluation from both sides of the desk will have been well worthwhile for both the company that hires me and myself.