Looking at the latest numbers from home price index Case-Shiller, the Wall Street Journal reports that there's some sense of stabilization in terms of prices.
"The S&P Case-Shiller indexes showed prices in 10 major metropolitan areas fell 10.6% in August from a year earlier but rose 1.3% from July. In 20 major metropolitan areas, home prices dropped 11.3% on the year but were up 1.2% from the previous month."
According to the Los Angeles Times, Los Angeles area prices rose 1.6 percent from July. And via the New York Times: "“There is little doubt the housing market is improving,” Dan Greenhaus, chief economic strategist for Miller Tabak, wrote in a research note. “Prices are improving, the inventory picture continues to get better, and government support for the sector remains in place, for now.”
At the same time, consumer confidence is fairly gloomy, reports the Wall Street Journal. Additionally, the "employment outlook also grew darker," reports the paper.