I actually think the article is good. Now, “bottom” is a very charged word, and most folks, when thinking of a “bottom”, think of a price bottom. That’s not quite how economists view things, for them the volume bottom is more important, as volume is what goes into GDP calculation, not prices.

So I agree that we’re likely to see the bottom of housing activity this year, and we’re likely to see a slight pick-up starting next year. And prices may “stabilize”, meaning that they won’t fall as abruptly anymore. This, by the way, is sort of obvious: were prices to keep dropping at the current rate, they would reach zero in a couple of years, so it’s inevitable that the decline will slow. But prices are still likely to fall, albeit more slowly, for several years, especially in the bubble areas.