Has the real estate market bottomed out?

I was talking to a realtor friend the other day, and she was saying how the market was going to come back now. Has the real estate market bottomed out? It seems to me like the market has a ways to fall still before purchase prices come back in line with...

real estate rental rates, but perhaps I'm a loner on this one...what do you think?

From what i've read in zillow seen by following the economic reports, I think you are correct that the market has not bottomed out. What's funny to me: a realtor the other day told me to buy. A friend had his realtor tell him to sell, because they said the market was going to go down further...either way, they were trying to make the commission I guess.