They called me the sexiest economist in America, and that was years ago, when I had hair and body mass and my teeth were shiny.

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

Distressed properties are often vacant and in disrepair, and thus sold at significant discounts. As the share of distressed sales grows, home prices fall.

A housing renaissance has begun. This may be hard to believe after the dizzying, six-year-long crash in home sales, construction and house prices. But housing turned the corner last year, and it will take off in 2013.

In a forbearance, the homeowner pays interest and principal on a smaller mortgage, at least for a time, but still owes the full amount. The lower monthly payment helps with affordability, giving stressed homeowners a break.

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.