Is there one? A few conflicting analyses from my feed reader:
New Home Construction Rises, But Inventory Levels Still High
Foreclosure threat ominous for subprime Borrowers – NAR is concerned, too
Housing market in revulsion stage
Housing slowdown nearing end, via the Real Estate Bloggers
Starts rebound, building permits at a nine-year low – this strikes me as a “good thing.”
There is no definitive answer other than that the answer lies somewhere between the extremes. My advice? Be patient. Buy smart. Sell smart.