The U.S. housing market is still deeply troubled. There are a million excess houses on the market and foreclosures are running at record postwar rates. The housing bubble has ended, but prices are still falling rapidly with the risk that housing prices will overshoot on the downside.

While economic difficulties have spread so widely that fixing the housing sector will not fix the economy, we still have to fix the housing sector as part of the broader economic policy response to the current crisis.

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