The looming fiscal cliff, the weak labor market and continued strain on the global economy are all reasons to feel depressed.

In this video, Wells Fargo [stock WFC][/stock] senior economist Mark Vitner spends eight minutes expanding about the above issues.

Then around 8:01 economic analyst Sarah Watt asks Vitner "are there any areas that are doing pretty well?"

Vitner replies, "Well, there is one that is doing very well and it's housing."

"Housing has definitely turned," he continues.

But can housing keep strong even if the economy gets weaker? Vitner thinks so.

He lays out his argument in the October 2012 Economic Outlook: