Donald Luskin at SmartMoney calls housing bottom, his only argument being "They (home prices) simply cannot go down forever"

Here's Luskin calling bottom in housing, with no mention of price-to-rent, price-to-income, fraud, the global credit freeze, the change in consumer psychology, massive oversupply, job losses, or really anything of substance to back up his call, it's just that HP'ers are "arrogant".

Luskin has a blog "The Conspiracy to Keep You Poor and Stupid" and I'd say the ones who are on the way to being poor and stupid are the ones who listen to such an idiot.

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.