The truth is there are lots of buyers (you may prefer knife catchers). Bottom or not depends on the performance of our economy. You know the Fed is trying everything to save the housing market. If inflation is no longer a threat, they will make interest rate stable and low for as long as possible and the bottom will be near. The current inflation is all driven by oil price. You know that oil price is not moving up recently and stronger dollar also suppresses rising oil price. If they have the trick to do all these, then the housing market should not be looking too glim. It is all psychological cycle. Just my personal opinion.