12 % said rock bottom has been attained

Don't be too (67%)optimistic about a housing market rebound yet. That's the finding of the latest Business Pulse Survey, the nonscientific weekly online poll from the Business Journal.

The pain in the form of weak demand, dropping prices and foreclosure is likely to be with us at least 12 months -- the choice of the majority of the 545 votes cast, or 22 percent. Those votes combined with those who believe the housing slump could be with us for one to two years accounted for 54 percent of the vote.

There were some optimists as 67 percent, or 12 percent, said rock bottom has been attained. Nearly equal, there were 63 respondents who said the rebound won't happen until summer of 2011.

The poll generated nearly 4,000 words of comments.

"Every month this year, home sales in Tampa Bay have increased in a classic 'v' recovery," said a reader with another reporting that "orders are up" at its business that relates to residential building.

Financing is still very tight, reported several readers. For one, rebound is easily a year away still.

"Although absorption is improving, there is still enough existing home inventory that is overpriced to extend the rebound out far enough for those prices to come in line with reality," said the respondent. "That existing home inventory will increase substantially over the next year as the next wave of foreclosures hits the area in response to next quarter's ARM rate re-sets. I say summer of '09."