CNBC showed their cynical side today - starting with the headline, followed by an accompanying photo:
Housing Market Slips Into Depression Territory
At some point, we will stop referring to the economy as: in recovery, in crisis, in depression - there is a bottom, I don't know if we're there - but I doubt the media will tell us we are when we get there.
Perhaps housing will bottom when two things happen:
1. All heated markets will return to affordable pricing, we can all agree that California's housing pricing are insane. (were? not sure)
2. When banks will start declining loans to those who can't ever repay them. That'll take some political pressure to reverse the policies of the last 30 years.
Just my opinion, not an expert.