I have been hearing this tired line since 2006. Its time to retire it as a misleading foolish bit of money-losing misdirection.
Lets take a look at the full price index — 1987 to 2012 — and I have boxed off the section I want to focus on:
If we were to zoom in on that box covering the peak downwards, it looks like this:
Its pretty self-evident that claiming a data series is 2 months old during a 72 month slide borders on insanity. The overall trend has been devastating, the entire 60 day lag down . . .
What about prices and homes sales stabilizing?
Well, not exactly — even that bottom scraping that looks like stabilization is the result of a massive concerted effort between multiple bailouts, fed actions and tax credits:
Closer Look at the Housing Recovery Meme in 5 Parts (April 17th, 2012)
1. Debunking the Housing Recovery Story: Shadow Inventory.
2. Home Affordability Reality Check: Can Buyers Afford Homes?.
3. The Problem With Home Prices (Still too high).
4. Foreclosures: A Decade Long Overhang.
5. Fear of Buying: The Psychology of Renting.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.