Housing Recovery Is All Hype (Shock!)

It seems like the news is a constant boxing match between housing-market boosters and housing-market bashers.

In this corner, Richard Lee, a Las Vegas homebuilder quoted in The New York Times. He thinks a new housing boom is coming. "We're going to come back like you've never seen us before," he says.

And in this corner, Mike "Mish" Shedlock, a commentator who says talk of a "second boom" housing recovery is just hype. Millions of empty, existing homes for sale will "keep a lid on resale prices for a long time to come, possibly a decade."

What's really going on?