Jonathan Miller says the Bll McBride is confusing housing finding a bottom with recovery:
I feel like I have to qualify myself as NOT being a housing bear (a distressed housing apologist) but I still can’t figure out the math: flat to falling incomes, high unemployment, rising taxes and tight credit = housing recovery? What’s missing?
I can’t figure out what people who foresee better growth in 2013 are looking at. Where’s the growth going to come from? Retail? Housing? Durables? I think that people will decide to keep their old cars, refrigerators, and washing machines a bit longer.