This won’t do a thing to help the housing market at all.

Hey guys, BB didn’t drop the rates in order to save the housing sector. His concern is that the current credit crunch could adversely affect overall confidence and make a economy-wide recession more likely. So, the Fed lowered rates to prop up the general economy. BB, who has a respectable academic background, couldn’t care less about housing. He’s concern is preventing the unemployment rate from getting too high.