the real problem that has been gutting Thresh
is there a champ that when compared to others has no base armor whatsoever? yes there is; 
16 base armor that doesn't scale with level, all of his other armor is BONUS (Souls + Items).
Compare that to the regular value of 75 to 90 base armor late game.
This means that Thresh won't endure much late game compared to those champs with a solid base armor, mainly because building
is like building an item that penetrates TOTAL ARMOR on him, because almost all of his armor is bonus.
Compare 80 base armor that is at least 30% damage reduction, with 16 that is like 9%...
It is sad that an item makes something that seems to look like a solid passive (Souls) turn into sht in the practice.
At level 10 Thresh gets an about of 90 armor: 90-16 = 74 ............ 74 - 52% = 35 effective armor And I am not adding the armor pen from runes... or Ghostblade.
A
+
+ Pen from Masteries and Runes = Thresh is no one, actually building armor would be kinda pointless on him because it would only be 30% as effecive as it should be on other champs.
I seriusly don't know if you are happy or sad because Thresh win rate is down, I know his kit is kinda overloaded and overruns most of the other supp champs, but I just wanted to point out this WEAKNESS he has. I seriusly don't know if this is a huge part of the reason he is down, I just know it is a huge weakness now because of how the meta works.