I would ask: “How can it NOT get better?” We’re still playing in the first quarter, not even to the halftime buzzer. The numbers of available properties is going up, financing options are going down, prices are in full-scale retreat, and the number of qualified buyers standing on the sidelines waiting for the right time is not that large. They’re visible only because of what they are not doing.

Even if this was the low point (it isn’t), there will still be further declines because the builders are still building more units than they have buyers for. They’re expanding an already-bloated inventory.

The-bottom-is-now-theory absolutely defies common sense. You can’t add 10% more houses to the overall inventory during the runup and have 25% of the buyers (the flip investors) leave the market after that runup, without there being a corresponding effect on the pricing.