The Wall Street Journal writes that those expecting a quick return to the “virtuous cycle” by which rising prices, home sales, and housing construction feeds further consumer spending will have to wait until Americans feel more comfortable borrowing and until banks feel more comfortable extending credit, according to new commentary by Pimco.

The Pimco strategists outline four primary blockages that could restrain the housing sector’s ability to play the traditional role boosting the economy during a recovery. To see them, click here.