What started in housing needs to be fixed in housing

I was talking to my good friend Jay Lamont today about what is going on with the economy and real estate market. He believes depression is evident. He was talking about the trend of the contraction of the number of American households in 2009 from lower income earners all the way up to the Wall Street class. Lots of workers with no jobs to go to.

My response: we need to see mortgage rates drop to 4.5 to 4.75 for thirty year fixed rates. This problem started in housing and needs to be fixed in housing. Housing and its related industries make up 35 to 40 percent of the buying public, from Home Depot to contractors and painters to tile setters, realtors, title companies, mortgage brokers, etc. They are all a HUGE part of this economy.