Taxpayers also have cause for concern. While recent data about sales volume and construction starts are encouraging, the same government mortgage complex that precipitated the crisis is still distorting the market. The FHA is just one part of that complex, and it's in deep denial. Were it a private mortgage insurer, regulators would shut it down for having a current net worth of negative $25 billion. It hasn't kept its own house in order, and as my research shows, it's continuing to push low- and moderate-income borrowers to make big, bad bets on homes they can't afford, with painful consequences.