National Housing Market Improves

We have definitely seen a change in demand over the last three months here in Portland, OR, but it also appears to be happening across the country, as well. In the past, as this article states, any improvement was aided by incentives. http://goo.gl/aycK7 This year, however, it appears that increased consumer confidence, low prices, historic low interest rates, and the feeling that we have “hit bottom” has buyers rushing to get pre-approved for a home purchase. With rents skyrocketting, many individuals and investors are taking advantage of the market and purchasing second homes and investment properties.
Do you think we have “hit bottom?” Would love to hear your thoughts.