Just in from Nasdaq.com:"Just reported, August pending home sales rose 7.4% month-over-month on a seasonally adjusted annual rate, compared to the expected decline of 1.3%. Pending home sales were down 2.7% in July. Pending sales are up 8.8% compared to last year. The pending home sales report is released by the National Association of Realtors and is based on signed real estate contracts for existing single family homes, condos and co-ops."
In other words people in the US are now seeing value in property, so it "should" be bottoming out.