In terms of the housing market, on Feb 3, Chief Economist for the National Association of Home Builders David Crowe delivered a somewhat hopeful message: at least it is not 2009.

The Detroit Free Press has this story:

"It's over — 2009 was the worst year the U.S. housing market has seen since a World War," said David Crowe, chief economist for the National Association of Home Builders. Crowe addressed nearly 400 people who attended the Building Industry Association of Southeastern Michigan's annual economic forecast and awards luncheon in Sterling Heights.

The forecast improves toward the end of 2011 as mortgage rates stay relatively low, single-family housing starts to pick up and home prices stay affordable, he said.

And while a recovery has begun in other parts of the country, Michigan's rebound will likely lag because of high unemployment, constricted credit and continued distress in the housing market, he said.

Michigan is one of 11 states that have had 70% of foreclosure activity in the past few years."

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