In 2006......

Existing home sales declined by 8.4%, the biggest drop in 17 years.

New homes sales fell by a whopping 17.3%, the largest in 16 years.

Around 35 percent of mortgages were "non-traditional" - i.e.mortgages that allow borrowers to pay only the loan interest or just a part of the interest each month without paying anything on the principal.

.....just putting the numbers in perspective. So, no more happy talk about the US housing market recovering please.