Slightly lower mortgage rates and higher home affordability were the only positive housing market drivers last month. Mortgage rates may improve slightly more in the next few months but due to a weakening economy rather than cuts by the FRB in federal funds rates. Together with rising personal income, lower mortgage rates boosted home affordability to a level consistent with a much higher level of home starts and sales. This will not persist. Aggregate personal income growth will stall with more layoffs and smaller wage gains.