The bad news has been the worst economic recession since the 1930s. The good news is the housing market has been showing some signs of leading the nation out of that recession.

The uncertainty, though, lies in predicting the timing, speed and depth of a housing recovery that hinges on the reversal of so many variables—including rising unemployment, sinking home values, and tightening mortgage credit—and their impact on immigration trends and demand among younger home buyers

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