John Authers examines the recent US housing data in today's FT.com "Short View" video clip (click text or chart link to play the video) and finds that an artificial slowdown in foreclosures may explain the "green shoots" that appear in recent data.
Meanwhile, Barry Ritholtz takes a look at, "The Elusive Housing 'Fair Value'", and argues that US housing prices will not only revert down to their historic mean, but will continue straight down through the mean price on the way to becoming undervalued. Click the link to see Barry's full post and his arguments for why this is so.
You may also be interested to read The Economist's take on why, "It still looks early for a housing rebound", which compares American and British housing price data. Hat tip to Abnormal Returns for the two links above.
Related articles and posts:
1. House prices finally approaching fair value - Clusterstock.
2. New home sales: 356 thousand SAAR in March - Calculated Risk.