Has the Housing Market Hit Bottom?

Sacramento County, California, drank more housing bubble kool-aid than almost anywhere else in the country, and experienced the correspondingly large drop in home prices, spike in foreclosures, and rise in backlog of unsold houses. But now the New York Times says home sales are on the rise, and has the fancy-looking graph to prove it:

This article available online at:

http://www.theatlantic.com/politics/archive/2009/05/has-the-housing-market-hit-bottom/17113/