"On the surface, it looks good: The stock market has recently broken through the 3200 level, the Federal Reserve Board has cut the discount lending rate by half over the past year to a 27-year-low of 3.5 percent, the average 30-year, fixed-rate mortgage has reached an 18-year low, and the housing affordability index has reached its highest level in 17 years. So why is housing still in the doldrums?"