Tuesday, April 28, 2009

If you Squint you can see the light at the end of the tunnel

Good news folks! Monthly housing prices fell for less than a record amount for the first time since October 2007. Talk about your second derivative celebration! I concede it is better than a sharp stick in the eye but the chart below isn't exactly cause for exuberance. News like this makes short sellers slightly less aggressive but hardly reverse investment positions.

Maybe if a few thousand more homes are bulldozed prices will stablize and head north once again.

John Barnyak