Housing dilemma: Santa is stuck in the chimney

Commentary: Fed cash can't enter the economy until it's used to make loans

In the absence of significant economic data or market movement, and in the presence of more economic and policy confusion than ever in my lifetime among civilians and professionals alike — here an early jump on prospects for the new year.

All optimistic outlooks have housing as the primary ingredient, which is true as far as obvious thinking goes. We have all-time low rates and affordability, and the pig of distressed resales is departing the python in tidy bacon slices, not a mass, and slowly.