You are kidding, right? Housing has a long way to go before it completely bottoms out. HB's are going to be on the ropes for quite a while and many will go under. There is just too much supply, too few qualified buyers, too little demand, and too many foreclosures happening now and getting worse.
I guess everyone figures this bubble will just get reinflated, but I think the speculative fever is gone. It will take quite a while for people to start seeing houses as an investment.