This Tuesday's reduction in interest rates, whether it's 25 basis points or 50 basis points, will do little to resolve housing's depression and little to reduce the probability of a 2008 recession as the record level of unsold homes, the pace of mortgage resets, the likely deterioration in coming jobs reports and still-stretched affordability issues suggest that the inherent supply/demand imbalances will continue for some time. Or at least the next several interest rate cuts.