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Has The Housing Market Reached The Bottom

It seems that the housing market is slowly reaching the bottom.  Zillow Real Estate has reported that even though homes are still losing value, it seems that we have hit rock bottom in reference to home values.   Zillow stated that there has been a 23.7% drop in home prices since May 2007.  That is estimated to be a 5% decline in home values per year.
   
However, there are signs that the market is actually moving in a positive manner.  Zillow conducts reports on 156 metropolitan statistical areas on a monthly basis.  "In October, prices declined in 95 MSAs and rose in 39."