Here is Calculated Risk’s take. These guys are good, they have really nailed this Housing/credit bust from a national perspective. Very reasoned analysis.
“Mr. Moulle-Berteaux appears to be arguing that new home sales have bottomed, not prices or new home construction. He ignores the existing home market (with the huge overhang of supply, especially distressed supply), and that leads Moulle-Berteaux to an inaccurate conclusion.
It is actually possible that new home sales may be nearing the bottom of this cycle, however that doesn’t mean the “housing crisis is over” – far from it.”
