Have we hit the bottom yet?

I keep hearing that we have hit the bottom and that things should start getting better in the real estate market.  I also keep hearing that there is another wave of foreclosures coming our way and that there could be a second fallout on the horizon.  I guess we will not know whether we have hit the bottom until after things start to get better.  That seems to be the only way to know that we indeed have hit the bottom.  Interest rates are at their lowest ever, there is an abundance of great inventory out there on the market, and buyers should definitely take advantage of the current conditions while they have a chance!!