Has housing hit bottom?

F.C. Tucker Co. put out a release today saying the Indianapolis-area housing market stabilized last year.

Somehow, a 9.9-percent decline in sales and 2.1-percent drop in selling price doesnâ??t sound so stable.

Tucker President Jim Litten points out that the region still had its fifth-best year for sales. He also notes that mortgage
rates are falling, contractors are building fewer houses, and job numbers are climbing. All of this will cause sales to rise
1 to 2 percent this year, he predicts.

There certainly are plenty of houses to choose from. Yesterday, Landrigan & Co. Realtors said a yearâ??s worth of inventory
is clogging the market compared with the eight monthsâ?? worth at the end of 2006.

Looking for a house priced at $900,001 or up? It would take three years under current conditions for that inventory to be
bought up, Landrigan said.

Has the market stabilized? Or is that wishful thinking?