Some people are beginning to think so. Adam York, an economist with Wachovia Corp said as much in a story today about home sales nationally posting a surprisingly strong performance in April. This story says buyers went on a bargain-hunting spree.

Real estate agents in the central San Joaquin Valley have noticed an uptick in activity too, but the CNN story cited above doesn't get into the cancellation rate, which has been higher than normal in the Fresno area. Sometimes, it's harder than expected to get approved for a purchase..

The housing market clearly remains troubled. Prices have fallen to 2004 levels, which is helping bring more people into the market, but foreclosures are taking a human toll. And then there's the wild card of soaring gas prices.

A Merrill Lynch analyst feels the boost in sales is no cause for celebration.

We'll see.