Market finds a new bottom

So how much bad news can you stand?
Here's a little bit more, hot on the heels of the disturbing numbers released last week by the Lehigh Valley Association of Realtors.
The National Association of Realtors put out its own set of numbers Thursday that show the housing recession is deeper than originally feared.
In a report filed by Jeff's CNNMoney.com colleague Chris Isidore headlined Record home price slump, the NAR said prices slumped 2.7 percent in the fourth quarter compared to the fourth quarter a year earlier. That's the biggest year-over-year drop ever and follows a 1.0 percent year-over-year decline in the third quarter.
Yikes.
The good news?
NAR President Pat Vredevoogd Combs believes the market has pretty much hit its bottom (let's hope so!) and will begin a slow comeback this year.
Our take: Put lipstick on a pig and it's still a pig, as the saying goes. Still, we're holding tight to our belief that the market is in a necessary correction period after what Alan Greenspan might call a prolonged period of "irrational exuberance." Prices needed to come down after, at least on a local level, actually exceeding the growth in income. That's always a bad thing.
So as the market continues to undergo some serious changes, the strong and smart will thrive and survive, both regarding buyers and sellers as well as agents and brokers.
Tune in to tomorrow's broadcast, when we'll discuss these numbers and trends in greater detail!
For the NAR's take on the matter, go here for a detailed news release on the market report.