Clem,

This has actually been addressed in previous threads -- including IIRC, a "why so many posts about TREA" thread.  There are many answers, but, in short, you're not going to find  much TREA commentary elsewhere because it's basically a private equity fund. . . Anyway, why not start a new thread if you have a concrete question?

I'll also take a stab at the "is this a turning point?" question, and say that I don't think we know because we don't know whether there's a geographic pattern to the monthly appraisals . . . so while I personally hope it's a "nationwide appraisals rebounded in May" story, it could also be the case that, say, last month was the San Francisco appraisals and this month was the Houston appraisals  . . .

All best,

Pete 

P.S.  Also to Clem -- another reason people talk so much about TREA is they believe it's at least far easier to "time" than other investments . . . so if you actually read the posts you'll see many of the folks discussing it are down to well under 15% in the fund.