From Calculated Risk:

There have been some recent articles arguing the "housing bottom is nowhere in sight." That isn't my view.

First, there are two bottoms for housing. The first is for new home sales, housing starts, and residential investment. The second bottom is for prices. Sometimes, these bottoms can happen years apart.

For the economy and jobs, the bottom for housing starts and new home sales is more important than the bottom for prices. However, individual homeowners and potential home buyers are naturally more interested in prices. So when we discuss a "bottom" for housing, we need to be clear on what we mean.

For new home sales and housing starts, it appears the bottom is in, and I expect an increase in...

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