No really, I think it is. Judging from reading a multitude of blogs and real estate websites, and after talking with a real estate investor friend in L.A., it appears a tentative bottom may be forming in some of the worst hit areas. Is there more pain coming? Sure. But prices have dropped 30-40% in some areas, and that’s starting to interest investors. Call them vultures or call them long-term investors, but they are the ones who will create the bottom as they move in and start buying and holding for several years or to rent for income.