Take the relative stability in prices along with the fact that the Fed's Senior Loan Officer Survey shows that banks, on net, have ceased to tighten lending standards and are beginning to see demand increase and there might be a good case to be made that we are nearing the end of this long nightmare. We've even seen strong evidence that delinquencies and charge-offs are on the downturn.
However, it is still likely that with fairly high vacancy rates that new construction will still be a while off.
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