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More Crooners: 'Housing Bottom Declared'

 April 25, 2012 01:17 PM


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."

[Related -Defensive Sectors Lead Hesitant Market, But Traders Honor Long-standing Bullish Support]

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....

[Related -Will Janet Yellen's Outlook Prevail?]

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.

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