Housing Bottom Behind Us?

Can the end possibly be in sight? Have we passed the housing bottom?

The Standard & Poor's composite indexes show housing price increases for both May and June, bringing the 2Q09 prices 2.9 percent higher than in the first quarter. This hasn't happened since the housing crisis began, some say three years ago.

Two articles worth reading...

• CBS News - Index Shows Home Prices Increase From 1Q To 2Q


• CNBC - Housing Rebound Looks Good, But Will It Last?

Two observations ... First - picking bottoms will be very unsatisfying. When it comes to buying a home, being close to the bottom is good enough. Second - with mortgage rates near historic lows and home prices lower, Now is the time to buy on Cape Cod.

Cramer: Bernanke Finally 'Gets It"

Jim Cramer (the love-him or hate-him financial guru) has predicted for quite some time that the housing financial meltdown will formally 'bottom' next summer. He sees yesterday's action by the Fed as a major step in making his prediction come true. With the Fed rate drop of 3/4 of a point, Cramers sees today's low mortgage rates potentially going into the 3's next year. He further says that NOW is the time to buy. Read his article HERE.