Recession effect on the Housing Industry

As an economic analyst consider the current and future impacts of the recession on the housing industry( mainly US housing industry.). use of appropriate macroeconomic terminology.
Consider how do we know we are in a recession, relevant indicators, and how the recession is manifesting itself in the house industry and in society as a whole.
how does the business cycle and postulation that what goes up must come down – affect the housing industry. Include the role of the Federal Reserve and & easy money& policy after 9/11/2001.
In conclusion reiterating the main findings and whether the economic theory is helpful in explaining the recession and its effect.
Sources and references need to be from a journal or publication. No internet sourcess
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