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A year after the global financial and credit markets melted down, the U.S. housing market is in a good-news, bad-news equilibrium. The good news: prices in many markets have fallen to pre-bubble valuations, home values nationally have stabilized, sales are rising, mortgage rates are low and loans...

A case could be made that the housing market has bottomed. As my colleague Joseph Lazzaro recently explained in Could the end be in sight? Housing guru Shiller senses home price rebound, there have been three recent improvements: 1. Home prices edged up. 2. Sales of new homes increased. 3....