This 'Green Shoots' Chart Sure Looks Familiar

We just saw this chart on ZeroHedge, mocking the idea that houses are coming back.

chart

Photo: ZeroHedge

Haha, the recovery is tiny!

That reminds us of this post we saw on Paul Kedrosky’s blog in May 2009, mocking the idea of a retail recovery.

chart

Photo: Paul Kedrosky

Well it turned out that was green shoots.

Let’s carry it forward a bit.

chart

Bottom line: Don’t mock the green shoots. Recoveries have to start at some point.

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