Economists are still morons

People need to feel comfortable and hopeful to open their wallets. Right now they still don't. Until they do, the housing market will suffer. Who wants to take on that much debt with an uncertain future?

Until we see job losses at more normal levels of 150-200k per month we will not see a recovery.  People cannot buy homes, much less anything else, without income.  Jobs are the key to this whole thing. Good post and best of luck.

I agree with Jerry. Job creations has always driven the housing market.  And, because of that, lowering interest rates only has a marginal effect on the housing market.

The secret to being a good economist is telling 50% of the people one thing and the other another and they you can sell the 50% you were right with anything you want.

Just as Jerry said, it really doesn't matter what the rates are if people either A) don't have a job to pay for the purchase or B) they are concerned about the risk of losing their job.  In today's economy that would seem to be the majority...

Chanda (no 'r') :)

Michael , I also think the market velocity improves as rates cheat slightly upwards , as the fence sitters seem to realize , too late , that they missed the bottom -- again ! The experts then say the economy must be getting better because rates are going up -- self fulfilling prophesy ! Keepin' it Green !