There do seem to be signs that housing is recovering, or at least stabilizing, and here's another way to see that. For the first time since last spring, the Bloomberg economic surprise index for housing and real estate just went positive. In other words, for the first time since last April, housing data is, on net, coming in better than economists are forecasting.
And so again, this raises the question: If you anticipate a recession imminently, you have to answer how that's going to happen when the most rate-sensitive area of the economy is once again performing better than economists expect.