Existing home sales increased by 3.1 percent in July, which is more than the expected 1.6 percent.  They are still down 13.2 percent from last year, but this is another indicator that we may have hit bottom in the real estate market.  Unfortunately, credit markets are still in turmoil and more losses will be reported, which in turn will make borrowing money more expensive.  Nevertheless, this is good news.  The only way we'll emerge from this mess, i.e., banks making up some of their losses, is if people begin borrowing to refinance or buy homes again.