I Told You Housing Was Going to Take a Downturn for the Worse. I’ll Tell You Something Else, We Are in a Housing Depression! It’ll Get Worse Until Market Forces Rule Over Government Bubble Blowing!

I know, I shouldn’t say I told you so but those perma-bullish, green shoots smoking pundits who have been saying for three years that we are nearing the bottom in real estate either have an agenda or really don’t know much about real estate cycles.  It really gets under brother’s skin… From CNBC:
Existing Home Sales At 15-Year Low, As Housing Weakens

Sales of previously owned U.S. homes dropped more steeply than expected in July to their lowest pace in 15 years, an industry group said Tuesday, implying further loss of momentum in the economic recover

We’ve been down this path before. We have every reason to be very, very pessimistic on the housing front.  We’re in a HOUSING DEPRESSION!