I think this Wall Street Journal article gets right to heart of the matter regarding the revival of the housing market, its about real job growth. Here are a few excerpts:
…it is disheartening given how much support the government has provided to housing. Besides the tax break, the government has propped up banks, troubled homeowners and mortgage giants Fannie Mae and Freddie Mac. The Federal Reserve, for its part, has kept short-term rates near zero, while its purchases of $1.25 trillion in mortgage-backed securities engineered decades-low lending rates.
So what is the real housing antidote? The creation of permanent, private-sector jobs. But that isn’t what the economy has delivered this year. Of nearly a million jobs created in 2010, more than half have been Census spots. And in May, a paltry private-sector employment gain of 41,000 included the creation of 31,000 temporary jobs.
The article ends with: So while the government has been able to stabilize housing, anything short of real jobs growth won’t allow the market to thrive.