Joe Weisenthal at Clusterstock references an article in Business Week that declares the housing slump over. The BW article is mostly anecdotal evidence and very little at that. It's hard to imaging that in the face of this economy the slump is truly over, however, you can't deny the big sales figures coming in from all around the country.
Anyway, Joe basically passes on the information and asks his readers what they think. He has a lot of responses and that might be the best source of info of all. Take a look at the article but focus on the comments.
Something is going on, it's just a question of how deep the demand is, how much more supply is coming down the road and if the economy will improve enough to sustain the trend.