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Housing market could recover more quickly than predicted

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CNBC spoke with Ned Riley of Riley Asset Management and Kevin Giddis of Morgan Keegan about the recent bounce in the housing market and what the prospects are for a longer-term recovery. Riley said he expects a faster, more V-shaped recovery than others are predicting because the housing industry has already started to improve and home sales and refinancings are up. Because the downturn was so bad and so swift, Riley said he expects an equally powerful upswing once the housing market starts to rebound.