In making the case for a housing-market bottom, Moulle-Berteaux notes house price affordability has improved dramatically and the inventory of new homes is falling. (The piece appeared prior to Wednesday's weak report on pending sales of existing homes for March.)

The fund manager makes a compelling case, but omits the key element of financing. While demand for housing remains fairly stable and mortgage rates are still historically low, even buyers with high credit scores and large down payments are reportedly struggling to secure as lenders like Countrywide and WaMu grapple with the bubble's aftermath.