We are of course experiencing a serious housing bust, with serious economic consequences that are still unfolding. The odds are that the reverberations will lead to subtrend growth for a couple of years. Nonetheless, housing led us into this credit crisis and this recession. It is likely to lead us out. And that process is underway, right now.
~ Cyril Moulle-Berteaux, managing partner of Traxis Partners LP, a hedge fund firm based in New York, "The Housing Crisis Is Over," The Wall Street Journal, May 6, 2008