In my neighborhood, there have been eight houses on the market over the past two years. Five months ago, one of them--a ranch style gem on a prestigious golf course--, had been owned by a bank; it sold and is now occupied. In the past month, four others have been sold. Today, a new owner is moving into one of them. One of the recently sold houses is being renovated. The sixth house, still with a "owned by bank" for sale sign, is also being renovated. These houses probably sold, or will sell, for something close to the FHA insured mortgage limit of $250k. The other two houses are mansions, with professionally landscaped yards, and would not look out of place in Beverly Hills. Both were originally listed, a year ago, for $1.4 million. The price of one of them has been lowered to $900k; the other has been taken off the market. Since it would probably require jumbo loans for these mansions to be purchased, it is likely that they will sit on the market for another six months, or until banks resume making jumbo loans. All in all, the quick movement of the six lower priced houses in the past month encourages me to believe the housing market in this region has reached its bottom; and it's up from here.