Or so reports the UPoR. Which is good, I suppose, in that it’s always darkest just before dawn. Of course, given the mass of foreclosures in the pipeline/still to come and with unemployment extremely high, there’s no guarantee though when housing’s new dawn gets here or how bright it will be. Unlike cars or refrigerators, houses don’t have really a limited lifespan, so there’s no penned up replacement demand, so a slow status quo in housing can in theory continue for a quite prolonged period of time.
Bonus observation: The best hope for housing is actually population growth of a tad under 1 percent a year nationally. Eventually, as the number of Americans increases, the excess of housing that currently exists will be taken care of. It just will take some time.