I for one am puzzled by this conclusion that is being drawn by people like this guy. We have what in my view is a terrible number released, and this is the signal of a bottom? Why would it not be a signal that the downtrend is in full effect? I bought into one steep decline after another in my early years as a trader. I caught a few lows, but caught quite a few more daggers. I would be more than shocked to see this report signal a key low point in RE. Normally when fighting a trend, you want to at the very least, wait for it to lose its max momentum before entering. This appears to indicate an acceleration of the trend downward to me.
I believe I read that this was the steepest year over year decline since 1982. Yet, they see it as a signal that things are improving? This guy is one of the most pathetic public figures I can ever remember, politicians excluded. If things turn out poorly for housing in the next few years, I hope someone takes this guy to task on some of his comments.
