according to this article the housing market is many times the problem it was in 2008 and doesn't seem to be solving itself with the potential for more trouble when it finally arrives;

The housing market is on the verge of spinning out of control. Just about everything that could be going wrong is going wrong.

The only holdout for the moment is home prices, which are up an astonishing 22.5% just this year. For many homeowners, that’s great news. Home equity is a huge source of wealth for middle-class Americans. And when home prices are high (just like when stock prices are high), you feel wealthy.

Unfortunately, like stocks, home prices can drop like a rock at a moment’s notice. That’s one lesson we learned all too well in 2008. Another Great Recession-type plummet in home prices forces many buyers underwater, stranding them with an asset they overpaid for and can no longer afford, and can’t even sell.

Let’s start our brief examination of today’s overheated housing market by taking a glance at how the Fed has been propping it up so far..........read more.......