L.A. County Homesales Up, Up...and Away?

According to the California Association of Realtors Report yesterday, LA county Homesales and Prices were up for the month of November--a feat that hadn't been seen since August of 2007. The median home price rose 5.8% for Single Family Homes continuing a 9 month hike in home prices since February. Chief economists have forecast that the extended tax credit, which will be available to first time home buyers until April 30th 2010, coupled with low interest rates should continue positively impacting the market. Will we start seeing a rebound in the market? Have we hit rock bottom in price? 2010 will be the year that will decide with over 70% of listings being distressed properties( either bank owned or short sales aka you owe more on your home than what its worth and need to sell).