***Disclaimer*** I'm not a real estate guru by any means. Just my uneducated, ignorant opinion......
I tend to believe the housing market hasn't bottomed out yet. Let me rephrase that. Housing prices have dropped as low as they are going to drop in the current market/economy. However, as the Fed begins to raise interest rates, homebuyers won't be able to afford homes at the current (bottomed out) price. It's at that point when homes will begin to slide even further. I still believe the housing market is inflated substantially above the point where they were before the artificial run-up.