Since 1970, there have been six U.S. recessions. All but two were associated with a collapse of mortgage lending, and therefore housing construction, following Federal Reserve actions that raised interest rates. These are casually called “credit crunches.” The other two, in 2001 and 2007-2009, were different. The 2001 recession was associated with Sept. 11, and the Great Recession was associated with the sub-prime mortgage debacle.

We now face the possibility of another housing slowdown and related recession. This one might again fall into that “different” category.