Has the housing market hit bottom?

Though it's not as clear-cut as in the case of new home sales, existing home sales probably made a bottom back in January although the same caveats about the Great Depression II apply.

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The vast majority of people in the world today are neither home builders or real estate sales agents, so, despite everything you hear and read about home sales - up, down, or flat - they really aren't all that relevant to most of us.

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From what little experience there is with housing price bottoms, the odds don't favor a lasting reversal in prices in the near-term and when it comes, the rebound won't be that impressive. You'll know when home prices hit bottom when people stop talking about them.