How have housing industry experts responded to the Congressional decision to raise the debt ceiling? With the chances of the U.S. economy returning to recession now 1 in 4, many analysts are on edge, but at least one expert has positive things to say about raising the ceiling.

National Association of Home Builders (NAHB) chairman, Bob Nielsen, issued a statement saying, "It will help to put our nation's fiscal house in order and provide greater certainty to the business community so they can start hiring again and get our economy on firmer footing. The nation's home builders stand ready to do their part to aid in the economic recovery. Building 100 single-family homes generates more than 300 jobs, $14.5 million in salaries and wages, and $8.9 million in federal, state and local tax revenue. As the economy continues to mend, restoring the health of the housing industry is essential to putting America back to work."

Amidst debt talks, the National Association of Realtors® (NAR) has released their latest median existing-home price figures. According to the NAR, prices fell slightly in the second quarter of 2011. Partially to blame, according to Lawrence Yun, NAR chief economist, were foreclosures which "can artificially depress median prices."

Year-over-year numbers were mixed. While 27 metropolitan areas saw rises over median prices from the second quarter of 2010, state home sales declined during the same time period.

Lawrence Yun, NAR chief economist, said home prices have been moderating. "Median home prices have been moving up and down in a relatively narrow range in many markets, which shows a stabilization trend," he said. "Markets showing consistent price stability or increases are those with solid labor market conditions, such as in Washington, D.C.; San Antonio; or Fargo, N.D."

Affordability remains high, ranking the third highest rate on record. The national median price is currently $171,900, down slightly (2.8 percent) from the second quarter of 2010.

NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I., said the key to healthy housing is credit access. "It's frustrating for many creditworthy potential home buyers to realize that when they're ready to make a move, banks remain risk averse," he said. "People with good jobs, long-term plans and who are willing to stay well within their means deserve an opportunity to realize their American dream of home ownership. When banks return to normal and safe but sensible lending standards, housing will be able to contribute its traditional share to economic growth."

Regionally, the median existing single-family home price rose only in the Northeast, up 2.0 percent from a year ago. Buyers there can expect prices around $245,600. Existing-home sales in the Northeast were down, though, by 4.6 percent and were 19.9 percent below 2010.

In fact, all regions saw existing-home sales decline from the second quarter of 2010. The Midwest was down a staggering 18.3 percent, while the South fell 9.9 percent and the West declined by 6.2 percent from a year ago.

Median prices continue to range widely by region. The aforementioned Northeast had the highest price tag. This was followed by the West at $218,000, the South at $153,000, and finally the most affordable market, the Midwest, at $139,800.