Housing: 'Invest at the Point of Maximum Pessimism'

US housing/real estate/construction sector commentary all appears to be from the same record. Just going around and around playing the same tunes again and again. Very few commentators appear to have looked beyond their groove and seen that perhaps we have already seen the bottom of the US housing market.

This is completely understandable from a psychological perspective. Imagine publicly announcing that you are now a market bull over KB Holmes (KBH), Toll Brothers (TOL), or Simon Property Group (SPG).

Remember, when everybody thinks alike, the opposite is most likely to happen.

For now we will put aside the opinions of our betters & take a look at what is happening with the liquid markets on the property scene. Also, we will keep in mind John Templeton's famous quote "invest at the point of maximum pessimissm".