jm morgan laid off more than 2,000 workers since august. they are part of a long-term pairing back of the mortgage origination unit will that let go 15,000 workers by next year. >>> joining us to talk more about the housing market is anthony khan, chief economist at chase. welcome back. good to have you with us. we have rising rates, layoffs in the housing departments of many banks including jp morgan chase and a fall off on mortgage applicatio applications. are the best days behind it? >> i really don't think so, tyler. i think the housing market will cohe recovery. go. remember that at this point, prices when you look at one of the most accurate ways of measuring housing prices are still down about 23% from the peak in may of 2006. so, i think that given all the demand that's certainly built up over the past couple years, housing has a ways to go. >> prices have been rising, maybe not from 2008 levels, interest rates are going up. the only thing not going up are people's wages. do you think that it's getting to the point that people are b