on housing bottom

I think we should still expect further pain in housing. Why? Because starts are only part of the housing story: As Calculated Risk has emphasized, a bottom in housing starts does not imply a bottom in housing prices. Indeed, history suggests that house prices may decline for months or even years after housing starts bottom. In the near term, furthermore, the macroeconomic impact of housing depends not on the number of houses started, but on the total number under construction. That number is still falling.
http://dmarron.com/2009/06/17/has-housing-reached-bottom/