"Hitting bottom" - that sound like a situation faced by a substance abuser. However, it carries with it the sense of no further decline! After a long period of decline, hitting bottom represents a significant change, a point where turnaround is possible, and perhaps, with the eye of faith, a time of hope.
More people than ever are claiming that the real estate market has hit bottom. Let's call that a good thing. The latest claim I saw was an article entitled "What's Going Right" by two economists, Brian S. Wesbury and Robert Stein. They argue that business investment is growing and is a force for good, but admitted that housing was still "weak." No argument there.
They report that consumer spending for housing items (appliances etc.) is up to "pre-crisis" levels. And finally, they say "Housing already looks to have found a bottom. Imagine what happens when it finally turns up?"
This is a theme from many. The public wants more to see growth. Growth in real estate seems to be in geographic pockets across the nation. Just reaching bottom is good and it's reason for hope, but it doesn't mean the end of pain. When a badly wounded person simply stops bleeding (but yet lives), the pain remains but hope begins to take root.
Bottom line: the good news is Not that the pain is over. It's just that we're not getting any worse. But we are excited about imagining what will happen with housing does turn up!
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