This is truly funny....
The U.S. housing market is showing more signs of stabilization as price declines ease and home demand improves, spurring several economists to call a bottom to the worst real estate collapse since the 1930s.
"The crash is over," Mark Zandi, chief economist for Moody's Analytics Inc. in West Chester, Pennsylvania, said in a telephone interview yesterday. "Home sales -- both new and existing -- and housing starts are now off the bottom."
Uh huh.
So household leverage has returned to sustainable values, right? Oh wait -- mortgage debt is down 7.5% but values are down to.......
Income growth has returned? Oh wait....
Hmmm....
So exactly what would provide for the ability of housing to bottom and move higher, since you have to have actual income to support buying things (including houses.)
Yeah.