``In its opening pages the white paper titled The U.S. Housing Market: Current Conditions and Policy Considerations acknowledges that much of the weakness in the housing market is related to poor labor market conditions and will take time to be resolved but outlines three dimensions along which policymakers could take action to ease some of the pressures on the housing market.'' -- Not much new in here; the Fed is obviously sitting passively on the sidelines (other than continuing to support MBS).

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