In our continuing monthly jousting match, Dan works hard to get me over to the “happy housing news” side whereas I prefer a more balanced long and slow view. Housing is better than it was, but a function of credit issues that are squeezing supply making the numbers look better overall. I’m not a perma bear but it’s too soon to jump up and down.

It’s a smaller universe of players in the mix and if that makes for a US recovery, then I guess it is. Still, incomes are flat, unemployment is elevated and +40% of houses with mortgages have low or negative equity. It’s tough to sign on to a full blown recovery even if prices rise next year in Manhattan.

Fun!