Housing Bottom? No, The Mother Of All Head Fakes

Business Insider

7/30/2009

Housing bears immediately tried to poke holes in the surprisingly good numbers in the May Case Shiller report.

The most widespread bear argument, that the rise was just seasonal, is weak: Even the seasonally adjusted numbers were the best in three years.

Two other arguments, however, are more persuasive.

Whitney Tilson of T2 Partners calls the May numbers “the mother of all head fakes.” He–and the two analysts below–think house prices will resume their decline in the fall. We’re in that camp, too…

The story continues …..