I’d say we are closer to the bottom. The last cycle took about six years, and was nowhere near as severe. Case Shiller resales prices are declining, median prices are declining, and many of the brokers I speak to are hanging in there, but have their reservations about where things are going. Rates may be very low, but many argue it’s better to buy at a lower value and higher rate. If, as someone has suggested, rates do spike then prices will resume a downward trend, putting off a recovery until a much later date.