The most important Economist is…

Your NEIGHBOR. Forget the guys from Harvard or Princeton. Forget the pundits on TV. Forget Obama. Forget Bernanke. Forget the NATIONAL ASSOCIATION OF REALTORS®. If you're neighbor is still worried about his job (or if he's still not working), you're going to have a hard time selling your house (unless you're willing to let it go for an "aggressive" price). As long as we're still seeing restaurants closing (because people aren't dining out as much, to save money), we're not going to see a strong recovery in the housing market.