In all the talk of a depressed housing market comes a glimmer of good news. Is it the start of something grander or just a blip in a continuing parade of negative numbers? Time will tell, but the California Building Industry Association, in a report released today, suggested the bottom of the market is approaching.

As evidence, it cites the fact that the year-over-year decline in new-home sales has shrunk for the third month in a row and that sales and prices increased in March in several metropolitan regions, including Fresno.

Still, foreclosures are occurring at an unprecedented rate and the supply of houses remains high, which hampers any recovery. And a market analyst quoted in the association's own news release says lingering problems in the overall economy will prevent an immediate rebound.