- The housing stimulus had a significant impact, helping over 4 million first-time buyers between 2009-2010 and providing a 3-5% boost to home prices. - The real estate market recovery has been bifurcated with lower-priced homes rebounding faster than higher-priced homes. - Renters with the means to buy outnumber potential first-time buyers, but many renters are still unqualified for a mortgage. - Continued overcorrection in home prices risks further loss of household wealth and delaying the market recovery. - Commercial markets are also recovering but with a lag, with vacancy rates remaining high and rental rates stagnant through 2009 before anticipated modest improvements in 2010.