Coming out of a recession, and even more so if it is debt deflation, the key question to ask is whether most of the financing problems are solved. It is not yet true in residential real estate, and is far from true with commercial real estate, and the banks that finance real estate.
The current rally is driven by hopes of government policy, and short-covering. Debt levels are still way too high, and the economy needs them lower for strong sustainable growth.
So, resist the rally and sell into it, but don’t leave the game entirely. Who can tell how long this run will last?