The housing sector in the United States, you might say, is completely different from municipal bond insurers; but when the housing sector starts going down, people start defaulting on their mortgages.

你可能会说,美国房地产,是与市政债券保险公司完全不同,但是当房地产行业开始衰退,人们就开始对抵押贷款违约

耶鲁公开课 - 金融市场课程节选

Previous housing start data was revised upward, too.

ECONOMIST: The Fed flexes its monetary muscle

Once prices do drop a little more, the demand for housing will start to catch up with supply, and maybe that will bring a more normal housing market next year.

NPR: Marketplace Report: Housing Market Cooling Down

That book value has been serially written down to reflect ever-weakening real estate prices, but would be written back up when housing prices start to rebound.

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