I am in Central Florida. In 2007, we had only 850-900 closings a month. NOW, we are up to about 2,500 closings a month. However, we have about 8,000-9,000 pending each month. One word for that, Short Sales.
The reason, buyers are buying low. Is it at the bottom? Probably not, really, I do not know but I think that we're very close. Different markets different answers. In south Orlando we have getting 3 new hospitals being built and that will change level out homes down there.