A Gloomy Outlook for Home Sales’ Big Season

The New York Times reports:

Christian Punsal, a 24-year-old city employee in Elk Grove, Calif., near Sacramento, is among the first-time homeowners and investors swooping in.

Mr. Punsal bought a three-bedroom home for $193,000. On a monthly basis, the house will cost him $100 less than the rent on his two-bedroom apartment. The home sold for $336,000 four years ago, when he was a junior in college.

When owning becomes cheaper than renting in your area(on a month to month basis), that's when a bottom might be reached in some areas.