It seems that the lower prices and great mortgages have set some markets up for a reversal. I have been looking at blogs on real estate markets around the world. Many parts of the U.S. has picked up, yes, at significantly lower prices.

As you look around the U.S., all the areas that have dropped heavily in price have pick up in volume the past few months. Areas such as Florida, Arizona, Southern California and Nevada, are the areas that came down extremely, as much as 70% form the highs, are on fire now. The combination of price, interest rates and now mortgage availability seem to be making the difference.
In many parts of the country the market volume has picked up. In Florida which is one of the hardest hit, volume is now up for 6 months in some areas. The same goes for Southern California, Nevada, Arizona and many other areas. Bergen County NJ, a New York City suburb, has not been hit as hard as these areas and did not go up as much as they did. Bergen was lucky not to be that speculative of an area. The bottom has been forming in my opinion, although it is taking time, there is a lot of money coming back into the market from the federal government in many forms. It will really starting to be felt now.
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