It would appear that Americans are in general an optimistic bunch. The slightest green shoot of economic growth, or market trend-reversal, or Tigers' home run in the World Series and it is instantly extrapolated into "what could be". The US housing market (among others around the world) is just such a glimmer of hope (and homebuilder stock prices surely provide all the proof you need... just like JCP's 12% jump on 9/19? followed by its 46% decline since...). The trouble is, no matter how much you want something to happen; sometimes, there really is no way it's ever gonna happen. To wit, the young/old dependency ratios in the following six major economies of the world suggest whatever 'Eastman Kodak' bounce [3] some housing markets are experiencing will inevitably be short-lived (no matter how much foreign cash is driven back into these advanced economies).
Economies are becoming a little 'over-burdened'...
[4]
which suggests the driver for house price appreciation just won't be there...
[5]
Charts: Citi