Freddie Mac CEO says housing market is near bottom...what do you think?

Foreclosures are still dampening this market and will continue to do so for the near forseeable future, but overall our national housing economy is at or very near the bottom, this from Freddie Mac CEO Charles Haldeman. He also predicts that mortgage interest rates for a 30 year fixed rate will remain between 5 and 6% through the end of 2010. Our biggest concern is the glut of foreclosed properties that are hitting the market at extremely low prices. This is going to hurt values in the short run, but once these clear the market we should start to see appreciation again (but nowhere near the double digit increases we saw during the housing bubble, and that is good, because obviously those gains were smoke and mirrors, and totally unsustainable). Let’s hope for the best!!