JP Morgan Calls a Bottom in Housing

In an interview on CNBC, JP Morgan's Bisignano argued that housing has reached a bottom. Bisignano cited a decline in shadow inventory to support his conclusion. Once the REO rental programs complete, and most of the shadow inventory is cleared, Bisignano believes that the housing market will begin to recover. Still, Bisignano did not believe the housing market would turn overnight. He characterized the current period as an era of "stabilization."