Like Harney, Resource Real Estate's Finkel remains relatively unmoved by the positive housing signs. He says housing has been in decline for so long that people desperately want it to improve—and they'll ignore information that points to a flat market.
"I'm very skeptical that we're in an environment where housing prices are going to rise. There are a lot of foreclosures that are in process right now. There's a lot of supply overhang," he says.
Finkel adds that he doesn't think housing can fully recover until the broader economy improves. "In the short term, the dire jobs situation is more important than housing prices. Until you get real job growth and get real pricing power with incomes, it's hard for me to see a real housing rebound," he says. "People have to pay their mortgages somehow."