Has housing bottomed? No.
In early 2009, there were 14 million empty houses in the United States, for whatever reason.
In October 2009, there were 18.8 million.
In 2011, there were 18.4 million.
Today, there are 14 million.
In other words, we are back to the level of early 2009. That was a recession year.
This is not evidence of a bottom. This is evidence of a market that does not clear. But free markets always clear. Conclusion: this is not a free market.
There are sellers who cannot sell. There are would-be sellers who will not list their homes for sale.
There are up to five million families living with free rent: mortgages in default. The banks will not foreclose.
Find a seller who has to sell. He will bargain. Buy it. Then rent it. Rents have not dropped on vacant rental units.