You've seen this one before.
Notice the consolidation going on now at just under $160,000.
Consider the argument that people don't really buy the house that they like as much as they buy the monthly payment on a house that they can afford.
Then consider that interest rates sit at historic lows due to unprecedented efforts by the Treasury Department and the FED to hold the cost of servicing the federal deficit to as low a monthly/yearly number as is possible.
Then consider that when interest rates go up, the monthly interest payment on a new home purchase will also increase, making the monthly payment on the Median Single Family Home more expensive.
Now you now know why I'm calling this a "consolidation of losses" rather than a bottom.
Although, it would please me to no end to be wrong on this one.
As always, click the chart for the entire piece.
Now remember that good for nothing, smiling, shill Larry Kudlow yammering on and on about "The Wealth Effect" and how you needn't worry about anything and certainly not the economy because housing prices were so strong?
Now you know why, when the revolution comes, and if they're not out there looking for me, I'm goin' looking for him.