Chart of the Day
Posted at 11:45 a.m. on Feb. 21
– Cullen Roche charts housing indices showing that we are in a “sideways market that is consistent with past bubble experiences,” bursting the housing recovery predictions bubble.
“For the most part, I am still in the camp that says we’re in a post-bubble ‘work out’ period. That means the big price declines are past us, but the upside remains modest in most markets… So far, the price action in US housing doesn’t look like anything that unusual for a post-bubble environment.”