Despite recent gains, which some of us believe are more of a mirage than an oasis, the economy still isn't creating enough good-paying full-time jobs to drive a full recovery in the housing market. At the same time, stricter lending requirements--and a lending environment I believe is going to get more challenging before it gets easier--are the other major headwinds that could slow down housing. While most forecasts are calling for a slight uptick in purchase loans in 2014, it's easy to build a scenario that goes terribly wrong.

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