Here's Mish slapping him down, and he also provides the nice chart above.
Why do "experts" like Luskin, Larry Kudlow and Mike Norman keep embarrassing themselves by trying to call bottom on housing? If you're going to call bottom, at least try to make a compelling argument. Luskin, on the other hand, makes this his central argument as to why home prices will not fall any further:
"They simply cannot go down forever"
Feel free to comment over at smartmoney too - he apparently hates it.
Yes, I do agree, one day, one distant, fine day, real home prices will stop falling. One day, when the fundamentals make sense again. But that day is not today. It hath been foretold.