From MISH - How far to the housing bottom

From MISH, who called the housing peak exactly, in real time. He is to be listened to on this topic.

https://globaleconomicanalysis.blogspot.com/2011/06/when-was-housing-pea...

This also helps explain the banks reluctance to release the shadow inventory into the market, as doing so would lower prices, further exacerbating the underwater mortgage problems. If banks had to realize losses, they would all fail. Hence, QE to eternity, and a crack up boom in PM prices.