The bottom’s getting closer.

A big question many people ask is “Where is the housing market going to bottom?”.  That’s a question that’s fairly impossible to answer and it’s going to vary quite a bit depending on location.  Major parts of California, Florida, Nevada and Arizona likely have more pain to go through, but there’s an awful lot of the U.S. that has probably already seen the worst.  That doesn’t mean prices are going to start skyrocketing up, it just means values don’t have too much farther to fall.  I’m closing on a house this Friday and while I expect there might be some more value loss to be seen, waiting for some potential “bottom” point just didn’t make sense.  I will say that it’s not in what I’d consider one of the likely problem areas though.

CR over at Calculated Risk put up a post regarding market bottoms.  There’s a good use of charts illustrating where we are today and how scary the situation was in 2005.  It’s certainly not a NAR “happy sunshine” post, but the reality of the situation is we are much closer to a bottom than many people think.
What do YOU think?