Baker see the so-called housing recovery now? "No. I mean I think people that are saying that just aren't paying attention to what's in front of their eyes," say Baker, co-director of the Center for Economic and Policy Research. Baker lays out several reasons for his bearish case: • Programs that lifted the market including the tax credit for first-time buyers have expired. • The Federal Reserve is exiting the mortgage market, which will likely push rates to 5.5% to 6% by the end of the year. • There's still an inventory glut and rental rates are falling in many markets, notes Baker, author of "False Profits: Recovering from the Bubble Economy." He says the rental market doesn't lie.
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