Is Housing Still Falling?

by Patrick Appel

Ryan Avent counters Gary Schilling:

Dynamics in housing markets aren't supportive of strong growth. But neither are they worsening. Defaults may have peaked. Total REO inventory is high, but it has been higher. It's easy to imagine continued collapse in some local markets, where supply and demand remain very out of whack. But it's more difficult to see where a national crash might originate.