The recession is over and it's a good time to buy real estate.

So writes Michael Murphy of MarketWatch here. He makes a compelling case, offering up three reasons:
1) Distressed sellers;
2) Lack of competition; and
3) Lowest rates ever

However, the debate is predicated on the market hitting the bottom in your local market.

I don't think Austin, TX has reached the bottom yet. Which markets have reached bottom?