Found by way of Instapundit .

In this area, there is no recovery underway.  People take the smallest piece of good (or even not terrible) news and start crowing about how the worst is over, the recovery has begun, happy days are here again....

Without sufficient data, and that takes awhile to collect (and has to be done over a significant period of time, not just a day or a week or a month or even a quarter), we won't know when the recovery is beginning.  Not at that time.  It will only become clear much later.  

It's just like finding the bottom.  Where is the bottom?  Have we reached it?  We won't know until we're obviously not there anymore.

This graph (shamelessly stolen from The Business Insider):

Shows housing prices are dropping again.  Even when they were at their latest "peak," and I use that term loosely, they were below what they were five years ago.  Below.  

Then there's this: Guess What: The Next Housing Bubble Is Already Underway, by Joe Wiesenthal. On page 5 of that article it says homebuyers are in a "frenzy."  Not here they aren't.  Maybe somewhere else.

*sigh*