-- Housing appears to be improving.
-- But don't get excited; we have seen a similar six-month up trend turn negative so we should wait more before we can call victory.
-- But at this point the housing recovery seems to have legs.
-- In some ways the scenario in the U.S. is similar to Japan given very high unemployment and there is risk of deflation.
-- Number of homes underwater is declining as home prices increase and if the trend continues, the whole problem of bad mortgages and shadow inventory with banks will disappear
-- But until that happens we are going to see more foreclosures and shadow inventories with banks.
Credit and source: www.cnbc.com, CNBC
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