When I say prices look like they have bottomed, I don’t mean that the prices sellers are asking may have bottomed. Asking prices are, for the most part, still way too high. But if we look at sales that are actually being made, both for houses, and for land with secure development approval, the prices are a good deal lower, the people buying are the smart money, and the people selling are the stupid money – which is a pretty good sign that prices have bottomed. People with a good track record for making smart decisions are betting their own money that bottom fishing in today’s market is turning up bargains. The buyers are buying with their own money, the sellers are taking a loss on someone else’s money.