The Housing Crisis is Far From Over

The Mess That Greenspan Made had some interesting charts up last week that got me thinking. First, here are the charts:





On both of these charts, note that the pace of sales as stabilized. In the case of new homes for a few months and in the case of existing homes for about 10 months. So, do these charts mean the housing market is starting to stabilize? Not yet:

This graph is from Calculated Risk:



So long as prices are in free fall (or cliff diving) we're nowhere near out of the woods.