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Last seen during the spiritually uplifting Holy Season, The Business Press Maven was busy spitting wooden nickels at the prevailing thought in the business media that the housing slump was over. It seems the slender rise of consecutive existing-home sale numbers was enough to get the business media -- from the wire services to The Wall Street Journal -- in a lather about a recovery in the housing sector.

It is an ancient foundation of Business Press Maven thought that instant recoveries are a false God, and you should not follow story lines that worship it, no matter how good they make you feel about that big depreciating asset you live in. Here, I was specifically worried about the cancellations that don't show up in many home sales numbers and how the builders were going to have to take charges.

They have taken some already, but were acting like they wouldn't have to take any going forward -- paging Hovnanian ( HOV) -- and in declaring an end to the housing decline in the last week of 2006, the bulk of the business media was falling for this nonsense, hook, line and sinker.

While giving the hairy eyeball to the "Downturn Over," articles, I implored Business Press Maven readers to pay attention to the small batch of articles alerting investors to the prospect of those charges.

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