With no further federal incentives, Ms. Lee said, the floundering housing market will not be able to stage a recovery unless the pace of job and income growth picks up considerably from anemic levels.
Sales of existing homes plunge →
"Mortgage rates at record lows are not enough to entice potential buyers," she said. "Without a job, without steady income, mortgage payments cannot be made, no matter how low the rate. And that's the bottom line."