Housing market could be nearing bottom

CNBC’s Diana Olick argues that housing may be at or nearing the market bottom. Existing and new home sales were up in February, particularly in troubled areas like California, Nevada and Arizona. Houses that have been on the market in the D.C. area for months now have “under contract” signs outside, and inventory is rising, which could mean that sellers are starting to test the market. But prices still may not level off until 2010.