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Reason to Believe that This Is Not Yet the Bottom for the Housing Market

From Calculated Risk:

MonthsPricesNominalScatter.jpg (image)

Calculated Risk: Scatter Graphs: Months of Supply vs. House Prices: [There] is a limited amount of data (since Q1 1994), but this does suggest a relationship between price changes and Months of Supply... when there are more than 7 months of supply, nominal prices will decline.... In April, the existing homes Months of Supply hit 11.2 months, and will probably be over 12 months this summer. This suggests nominal price declines of over 5% in Q2.