JGPM,
I'd be cautious about an increase in new home sales necessarily suggesting a bottom in real estate prices.
Eg. have a read of this article.
http://themessthatgreenspanmade.blogspot.com/2008/10/san-diego-home-prices-are-off-chart.html
The 2 charts indicate that around the LA area, home sales have roughly tripled since January, yet in that time, the average price has actually decreased (a further) 20-30%.
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