Something Happening Here...
Here are two positive articles on housing. The first details the jump in sales in a community near Tracy, California, one of the epicenters of overbuilding and price inflation. Homes are moving at attractive prices, which may lead to a hoped for bottom in home values. The second article is about a jump in February home sales, up 5.1%, the best showing since July 2003.

I suspect the housing recovery is going to start in California, Florida and Arizona, the areas that saw some of the worst in housing excesses. I think Nevada, in particular Las Vegas, will take longer to recover due to the amount of low paying casino jobs and the economic slump impacting Las Vegas' gaming-based economy.