Cyril Moulle-Berteaux, in an op-ed published Wednesday by the Wall Street Journal, looks at the argument for why housing is on the road to recovery already. Inventories are already falling, he writes, and homes are largely affordable again. (It’s worth noting that he doesn’t cite any sources for his data). The gem of it all:

The next question is: Even if home sales pick up, how can home prices stop falling with so many houses vacant and unsold? The flip but true answer: because they always do.

Economics and supply/demand imbalances be damned, we suppose.