Are we at the bottom, of the real estate market?

Sales Rise 6.7 % in april!

Nar said it has it's biggest jump in sale since last 9 years up 9.2 %. "This is yet another positive indication that the bottoming process is forming," Jennifer Lee, an economist at BMO Capital Markets, wrote in a note to clients. The 30 year- fixed rate is around 5.3% compared to a week ago at 5 % (www.bankrate.com).

One of the biggest boosts to the sale is $8,000 tax credit for first time homebuyers, also since buyer need to FINISH their purchases by NOV, 30 to claim the credit.

Sales of inexpensive foreclosures and other distressed low-end properties have even sparked bidding wars in places like Westchester County and Bronx NY

Question:

What you think what will happen, will the home prices keep falling because of the massive REO. I complete understand that ever town/city/village is different