Housing Market Summary: May not be in a Depression but this is still depressing

The housing market is barely breathing with housing starts and new one family houses sold at all time lows:

The S&P/Case-Shiller Index shows a dramatic decline in home prices nationwide:

 I could not resist throwing Detroit and Cleveland on there.  It is going to be a long time before the consumer comes back in Detroit and Cleveland.  Nationwide home prices seem to be stabilizing at a level not seen since 2003.  The de-leveraging consumers that believe their home prices won't fall any further may start to feel financially healthier.  Although I don't imagine the de-leveraging ending anytime soon.