The economic crisis is now about 5 or 6 years old. Cars break down and must be replaced. Houses do not need to be replaced.
Homeowners do not have to buy a new house every number of years. Homeowners can stay in the same house for decades. Renters do not have to buy a house. Pent up demand for housing can stay pent up.
By contrast, as cars age, they can literally stop running. As cars age, the maintenance cost can far exceed the cost of a replacement car. Millions of consumers must upgrade their car so they can get to work, go to grocery store and drive the kids around.
My simple-minded analysis of auto industry performance versus housing industry performance;
Cars: Must be replaced.
Houses: Don't have to be replaced.
This is why I do not extrapolate from the reported auto industry recovery to the housing industry.