But there is no doubt in my mind that Houston will rebound. 

Any market downswings will be less, and rebounds will be earlier and higher as well. 

Although the market will eventually rebound (short term memories!!)

Many great lessons to learn here, sounds like you've rebounded quite well - and positioned yourself for growth...fantastic to hear. 

Although I know it rebounds and am still buying regardless with income being my focus.

If so, why are some pessimists still questioning the rebound in the news?

great points Joe.. i think Frank is just a little late to understanding how big and how much business is done in the turn key space.. that model is market makers if it was not for turnkey throughout the US those markets would never have rebounded as they have.. you bring in out of area investors many times with cash and they have the financial ability to carry these properties.. if they were all great deals there in the mid west or rust belt then it would be like the west coast were we dont really import buyers at all..

After the earnings blackout period for stock buy backs are over during the next couple of weeks stock should rebound some.My previous comments still apply but short term profits are still possible.

One mode of thinking is that the cheaper rentals suffer less from a downturn, since "they gotta live somewhere" and some renters from the higher end units will move down until the economy rebounds. 

If they decide rebuild the base then it is a good bet things will rebound.