The fed's changing view on housing

[It is] interesting is to see how the Fed’s view of the housing market has changed over the past four months (then again, it’s run by the same Chairman who told us that the problems in housing and subprime mortgages would be contained just a short three-years ago):

• November 2009: “Activity in the housing sector has increased over recent months.”
• December 2009: “The housing sector has shown some signs of improvement over recent months.”
• January 2010: No comment.
• March 2010: “…housing starts have been flat at a depressed level.”

---ibid