Critical Issues
U.S. Housing Demand: Pending Home Sales Index Points to Stabilization After the Sharp Collapse
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U.S. Home Prices: Any Signs of an Impending Double Dip?
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U.S. Single Family Housing Starts Continue to Fall; How Deep Will the Trough Be?
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Short Refinance Program: FHA Will Provide Additional Refinancing Options to Homeowners
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U.S. Mortgage Delinquencies and Foreclosures: Any Signs of a Slowdown?
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U.S. Housing Inventories: Correcting Downward But Still a Long Way to Go
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Background:
After more than a decade of rising prices in the U.S. housing sector, home prices began declining in Q2 2006 and continue to fall into 2009, though at a slower pace. While over-building during the housing boom led to a glut of housing inventories, by mid 2009 the supply of new housing has undergone a significant downward correction and housing starts appear to have stabilized. However, inventories remain elevated above their long term average and an increasing number of foreclosures continue to enter the market. On the demand side, government incentives in the form of lower mortgage rates and a US$8,000 first time homebuyer tax credit have lent support to demand, but the weak labor market and sluggish income growth will continue to weigh down the indebted U.S. consumer. Without a narrowing of the demand- supply mismatch, there remains a risk of a prolonged decline in home prices.
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Associated Readings
News
Calculated Risk
Oct 03, 2009
The Impact of the Declining Homeownership Rate
Opinions
The Economist
Aug 20, 2009
America's housing market: Where it all began; Signs of stabilisation should not obscure the big problems still ahead
Analysis
J.P. Morgan
Robert Mellman
Jul 31, 2009
The US Housing Market is Finally in a Recovery Phase
Opinions
New York Times
Robert Shiller
Jun 07, 2009
Why Home Prices May Keep Falling
Analysis
Congressional Budget Office
Mark Lasky
November 2008
Background Paper: The Outlook for Housing Starts, 2009 to 2012
Research
University of Wisconsin-Madison and Federal Reserve
Morris A. Davis, Robert F. Martin and Andreas Lehnert
Dec 2007
The Rent-Price Ratio for the Aggregate Stock of Owner-Occupied Housing
Research
Yale University
Robert J. Shiller
Aug 31, 2007
Understanding Recent Trends in House Prices and Home Ownership
