An overheating economy, characterized by accelerating inflation and rising interest rates, is another precondition for recession. This doesn't describe today's economy.

The average credit score of today's FHA borrowers is higher than the average American household with a score. As it becomes more costly and difficult to get a FHA loan, loans from private mortgage lenders will become more attractive and their market share will grow.

There is a banking adage that if it's growing like a weed, it's a good chance that it's a weed.

Our biggest challenge is to eliminate the popular perception that economists don't have anything useful to say.

There are different flavors of recession. You can get into some pretty dark scenarios pretty quickly.

I only have two things in my life, my family and work. If there's any time left over, then I play sports.

No one should expect the value of their house to appreciate quickly - counting on your home to be a significant part of your retirement saving isn't a winning strategy - but it is reasonable to expect that prices generally will rise with at least the rate of inflation for some time to come.