During the last bust we had (I believe) 3 mini- rallies between peak to trough. I can see no reason to believe this is anything other than another pause on the way down the hill.
We have a lot of forced-sale inventory coming yet and the pace of sales hasn’t increased so much as to mitigate that trend. We still have a gross oversupply and we’re still losing mortgage-quality employment.
I’m sure it will eventually turn around, but not yet.
