A boom in the U.S. housing sector in the 2000-2005 period led to a housing bubble and excesses in the housing market that eventually triggered a housing bust and recession in 2006 that remain severe in 2007. The consensus view argues that this housing recession is bottoming out and that the housing sector may recover from its trough some time in 2007. But the view that the housing recession is close bottoming out is as flawed as it is widely presented.
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