Cardmon Garcia of FT Alphaville posted nearly an entire article on Goldman Sachs (GS) housing research — with about 90% of it in Goldman's words.

Another 5% is a chart from Goldman economists showing their projections for the housing market’s contribution to GDP growth through the end of next year (at the top) and the final 5% is Garcia's takeaway (at the bottom).

"The economists write that the housing recovery won’t have the same kind of effect as in prior expansions because mortgage lending standards are easing more slowly this time round," Garcia writes.

"Whether or not you agree with their estimates — and we’re a little more optimistic, though we share their worries about lending standards — this seems a sensible way to frame the potential macroeconomic impact of a housing recovery."