Where is the Bottom for Housing?

From Reuters:

"’The housing situation that we got in is unique in history because there was an investor psychology that developed that was stronger than we have ever seen before,’ Shiller said. ‘We have seen housing bubbles many times in history, but they have been much more local than this one.’

Areas most vulnerable to home depreciation are those that rose the most during the market's heyday, plus those at the center of the crisis in the subprime mortgage market, Shiller said. California and Florida are high on this list.”

From Inman News:

“Despite the tough times in housing, the economy continues to grow, and that will make the recovery in housing happen much sooner.”

From Realty Times:

“’To argue that home values will continue to decline and never recover, somebody has to make a convincing case that it will cost less to build a new home five years from now than it does today -- and that's just not going to happen,’ said Catalde. ‘Despite today's housing slowdown, the cost of land, labor and materials required to build new homes continues to go up.’”