Wall Street types are cheering the end of the recession with a rally right out of the gate today. While there is still some question as to whether the recession has really ended, the indicators seem to point to the fact that the worst of the recession is over, and that economic recovery may be on the way.

Indeed, this is being seen as the stock market gains on last week’s GDP data, along with the fact that company earnings, though lackluster, are still better than expected. And don’t forget that new home sales surged in June. While there are still concerns — such as the jobs market and home prices — a general feeling of optimism pervades.

And that means that if you have been waiting for the housing market bottom to arrive, you might be already there. While it is practically impossible to time any market to perfection, it is clear that we are approaching a point at which it will soon be too late to get in on the bottom. So you might consider that if you are planning to buy, not is probably the time. Mortgage rates — and home prices — are likely to start moving upward again.