Housing is rebounding surprisingly well! Home prices are solidly rising by the low to mid-single digits, new home sales probably bottomed in March at 619,000, first-time mortgage applications are up 9% Y-o-Y after being down 35% just six weeks ago, and existing sales will bottom no later than June (reflecting contracts signed in April and May). Yet housing will not lead us out of recession; that is entirely Covid-19 path dependent.