from Testosterone Pit.com:
I have written about the housing quagmire from different angles, and there hasn’t been a heck of a lot of good news. However, there have been spurts propagated by the media with enormous hoopla that later turned out to have been sucker rallies, with prices hitting new multi-year lows after each one—the last new low, as measured by the Case-Shiller Home Price Index, was set earlier this year. Here are some of my articles: Construction Spending and the Housing Quagmire, Immigration and the Housing Quagmire, or The Big Lie.
Recently, there has been another wave of media hoopla about housing being on the upturn, including reports of bidding wars! Just like the good ol’ times. Alas, this “bullish” news on housing, ballyhooed with such passion, sounds much like the “bullish” news during the prior sucker rallies—because something is off key. For an excellent analysis, read Yves Smith’s article: