Meredith Whitney Predicts Double Dip in Housing Market: Is She Right?

Could a double dip in the housing market be on the way? That's what influential banking analyst Meredith Whitney told CNBC's Squawk Box yesterday.

And while the news is not all gloom and doom, Whitney -- one of Wall Street's best-known bears -- sees what she calls some "scary" behaviors by consumers that will continue to keep home prices low and a full housing-market recovery far into the future.

Whitney -- who rose to fame by predicting Citigroup's problems in 2007, long before others saw them coming -- has been admittedly bearish for the past year as others looked for the good news in the economy. She cites several reasons for her continuing feeling that the housing market and the rest of the economy will not be trending up anytime soon, including the fact, she said, that the state and federal governments will be shedding close to 2 million jobs.

What's behind Whitney's prediction for housing?