Have we hit bottom?

Here's an article from today's L.A. Times stating that local home sales prices have held steady since January. If you read this blog, you'll note that my boots-on-the-ground post in February said we are pretty much at the bottom for local prices. This is due to favorable lending conditions including low interest rates and the $8000 tax credit for first time buyers.

Caveat: if this year is like other years, sales will slow down in late July and stay slow through the end of the year. If that happens, we may see prices drop a little bit more.