It is hugely re-assuring for the markets that the low rate will hold till 2014, as announced by Fed chief Ben Bernanke yesterday, and that QE3 may be on the cards.
In an environment of financial stability, the US housing market will pick up, hand-in-hand with creation of more jobs. For example, housing tied with jobs, or subsidised housing for those doing moderately-paid but socially useful jobs like teaching, nursing, caring, or for stay-at-home single parents or disabled persons who could do home-based computer-based jobs such as are currently outsourced.
If more government or private money goes into refurbishing and re-opening the disused factories and houses in some parts (like Cleveland, Ohio, for example), and people currently without work are employed on such schemes, and then to produce goods which are competitive in the world markets, it would do good for the peoples' spirit. It will truely say the economy is back on the move in no mean fashion.