Has housing hit bottom?

Resales of U.S. single-family homes and condos rose 3.6% in June to a seasonally adjusted annual rate of 4.89 million, the highest level since October, the National Association of Realtors reported Thursday.
Resales have risen for three straight months for the first time in more than five years.
The increase was higher than expected. Economists surveyed by MarketWatch expected sales to rise to 4.85 million. Sales are down 0.2% on a year-on-year basis.
The housing market appears to be healing, said Lawrence Yun, NAR's chief economist.
Inventories of unsold homes are still elevated and putting pressure on prices. And the damage from the housing bubble's collapse is still having an impact. Distressed properties accounted for 31% of sales in June. (more)