The bottom is not here yet but it is not dropping as fast as it was. A few sales scattered around.
My broker has 40+ listings and two sales this month.I have 16 listings and have had only 3 closings this year.
It is going to be a slow recovery.
Calvin

All real estate is local, so depends on the numbers in your market.
What is the trend for average days on market? Up or down;
What is the trend for median prices?
What is the local absorption rate? I have found those to vary dramatically when analyzing by price point and by neighborhood. In some we have less than 4 months....others we have over 2 years.
What is your favorite appraiser saying about market conditions in their recent appraisals?
With the trends you can establish historical data and then take and educated guess where you are in the cycle for your market area.

I think nationally there is more correction to come (foreclosure departments are overloaded; heard of a couple who were not able to make payments and, after nine months, are still waiting for foreclosure notice from their lender.)
Locally(Huntsville, AL) we have seen prices rising for homes under $150k (because of high absorption rates/low inventories); stabilizing under $350k (builders cut back startups earlier in year); and continuing to erode on properties over $750-1million (in some cases over 2 years of inventory).

For the last 5 months, our county has had sales activity levels well above the same month in the previous years. Except for the higher price points, inventory is low (under 6 month supply). Investors and first time homeowners are out. Prices are down about 25%, closings are up about 25%.

The previous poster has a point about the recession. I think overall, our nation has a lot more to go through. However, as with everything there is balance. The RE market is what pulled us into the recession... and it will be what pulls us out. My prediction is that RE will be the first segment to recover... and in some areas, we're seeing stabilization - for example, where I am.

Just outside of DC, and we are expecting an influx of new jobs, in part from the new administration, in part from natural growth. In addition, with a new party in office, we always see a high activity level... and no, it is not job for job. People who were with previous adminstrations have gotten settled and created roots, and are very employable in other capacities in our area... so not everyone who is being replaced will leave the area, many will stay. Plus, all the new people will be recruited from around the country, and they're already starting to look for new homes.

Recession just started. Some expect it to last 14 months. That would be a mild recession. What if it's not a mild recession? In my opinion, no bottom in sight. Good Luck

Hi Reg - Here in Catawba County NC (Hickory) we feel we are at the bottom or very close. Our MLS closings are down 17% this year and several offices have closed. However, interest is still strong is what is there, we have a great inventory, and buyers seem to be cautiously creeping back.