Real Estate Bottom?? St Joe gives it up

Is this a sign of a bottom?

St. Joe (JOE: NYSE) announced last night that it is getting out of the homebuilding business. As the market turned lower, the company insisted everything was splendid and demand was strong. Guess those houses on the banks of the swamp (and even the beach) weren't as popular as they led us to believe.

The company had a tremendous run several years ago, but in this trying market, management has proven it is reactionary, not visionary. In an effort to pump up its declining asset value, management reclassified all of its timberland to land that can be developed, despite the fact that much of it won't be developed for years. Now, they are bailing on building homes.

Lots of gloom and doom in housing. Could this be the first sign of a bottom?