According to an article found at: http://seekingalpha.com/article/67789-nowhere-near-a-real-estate-bottom it is suggested that The real estate bottom is so far in the future it’s not even worth attempting a prediction. Real estate is not a liquid investment. Selling a property is time consuming, energy draining and expensive. Most people can not afford to buy anything without a mortgage; most people require the assistance of an agent; most people live in the only property they own; most people simply do not bounce around too often.
The banks don’t have a clue what’s going on, and these insignificant write offs we have witnessed to date are just a fraction of what is to come. Bernanke is now even recommending that banks reduce mortgage principles to restore owner equity and give people an incentive to remain in their house. He would not be recommending such a drastic plan unless the alternative is much worse.
This crisis will not be cleared in a few months - perhaps not even a few years.