Carrington Mortgage Holdings executive vice president Rick Sharga on Bloomberg TV just brought the housing market back to earth.

Despite a raft of good news lately, Sharga reminds us that while things are getting better, a housing market that is government-free is still a long way away.

Sharga talks quantitative easing, homebuilder confidence and the fact that low-interest rates alone won't stimulate home sales.

"Credit availability is very limited, and also limited to government-backed mortgages," he said. "We are not seeing the private sector come back, we are not seeing agency loans."

The anchor delves further, asking about consumer credit as it relates to reconciling the American Dream -- that is everyone in the nation again qualifying for mortgage lending.

"It's going to take two to three years for most of those borrowers," Sharga said.