I've become much more constructive about housing in the last year. But I still don't understand the euphoria in some circles. For the most part, I am still in the camp that says we're in a post-bubble "work out" period. That means the big price declines are past us, but the upside remains modest in most markets.
That said, I still don't see the recovery in the various housing indices that many are raving about. To me, this looks almost exactly like what I've been predicting all along: a sideways market that is consistent with past bubble experiences. Think Nasdaq, Shanghai, gold in the 80s, etc. In essence, it looks like a big L.
So far, the price action in U.S. housing doesn't look like anything that unusual for a post-bubble environment, and it looks a lot more like a post-bubble "work out" than a recovery to me. Obviously, I am biased toward believing that my view will be right, but you tell me what the pictures show.