First there are two bottoms for housing. The first is for new home sales, housing starts and residential investment. The second bottom is for prices. Sometimes these bottoms can happen years apart.

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For new home sales and housing starts, it appears the bottom is in, and I expect an increase in both starts and sales in 2012.

I place a great deal of credibility in Calculated Risk; I’ve learned a tremendous amount there over the years. I’m not certain the bottom is quite here in the Charlottesville area, but I’m inclined to think we’re close.