2012 for home prices to hit bottom?

Housing analysts who talked to the Associated Press many not be quite as gloomy as those who talked to the New York Times yesterday, but they're not a load of joy.

The AP has says it may be 2012 until the housing market bottoms out, in a good story that looks at the broader effects of the housing bubble. It also mentions the foreclosure fraud committed by mortgage signing services, a fraud the banksters don't want to accept any responsibility.

Also worth noting is the spread of problem to new areas:

(T)he damage is now spreading to areas that had long escaped the worst of the crisis. They include Dallas, Denver, Minneapolis and Cleveland. Economists regard them as housing bellwethers — metro areas that are reliable indicators of where national prices are headed.

Denver and Dallas are on pace to hit post-housing bust lows in the next few months.

Yet more reason why we should look askance at Rick Perry's boastful talk of Texas' economic miracle.