Well, I called the bottom last month, and August is supporting that...Of the 3 micro markets I look at in St. Augustine, (Anastasia Island, The Shores, and The South) all 3 had positive growth months over August '07.  Don't get me wrong, it remains a buyers market, but one that is stabilizinz.  There are INCREDIBLE deals out there, and break even to positive cash flow investmnet opportunities.  For the re-habbers, I'm seeing tremendous opportunities and money on the table for those with the skill and resources to take on big projects.  Foreclosures are not being bought on the courthouse steps, and being listed by agents at BIG discounts.,   If you've been thinking of investment real estate, or of buying a new home PULL THE TRIGGER and get in the market!  The rental market is also fantastic, because the credit crunch has kept many would be buyers out of the market, and the economic crunch is causing many to lose their homes or their good credit, thus keeping them from buying.  Rents for the prime properties can be increased!  I personally had great demand for my condo when I raised the rent $100 / month this summer.