[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-321403-105":3,"detail-sidebar-cat-0-en-105":81,"doc-detail-321403-en":130},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":74,"head_meta":76,"extra_data":78,"updated_unix":80},105,"en","housing-recoveryhow-far-have-we-come-a-commentary","Housing Recovery:How Far Have We Come? - A Commentary","","Four years into the economic recovery, housing markets have begun improving, but the progress is uneven across regions. Home prices have firmed up, with residential investment rising and year-over-year gains reported in tracked markets. Yet, real price levels in many Case-Shiller areas remain no higher than in 2000, showing that recent increases do not fully reverse the downturn. The report reviews housing starts, permits, inventory, vacancy, multifamily construction, and stabilization indicators.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/research-report/","Research & Report",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/document/housing-recoveryhow-far-have-we-come-a-commentary/321403/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/housing-recoveryhow-far-have-we-come-a-commentary/321403.png","ImageObject",300,407,{"name":42,"@type":43},"Valentina","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-10-23","2026-09-21",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",6,{"@type":57,"mainEntity":58},"FAQPage",[59,65,69],{"name":60,"@type":61,"acceptedAnswer":62},"How has the housing market changed four years into the economic recovery?","Question",{"text":63,"@type":64},"Housing markets have started to improve, supported by rising residential investment and firmer home prices. However, many regions show limited real gains compared with 2000 and recovery is not evenly shared.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"What do housing starts and housing permits indicate about market momentum?",{"text":68,"@type":64},"Housing starts measure the number of units beginning construction each month, while permits signal future construction activity. The report notes a substantial pickup since 2010, though levels remain low relative to the 1990s and 2000s.",{"name":70,"@type":61,"acceptedAnswer":71},"What factors slowed the pace of residential building during the recovery?",{"text":72,"@type":64},"The report points to an inventory overhang built up in the early 2000s, challenges in reducing it as homes moved from “shadow inventory” back onto the market, and weaker demand after the most recent recession due to weak income growth and lower household formation.","https://schema.org",{"og:url":32,"og:type":75,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":77,"canonical":32},"index,follow",{"doc_id":79,"site_id":7},321403,1790183311,{"code":4,"msg":82,"data":83},"success",[84,88,92,96,101,105,110,114,119,122,126],{"id":22,"doc_module":4,"doc_module_name":25,"category_name":85,"show_sort_weight":86,"slug":87},"Story & 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into the economic recovery,housing markets have finally started to improve.While many indicators ofactivity indicate recent growth,comparing over time and across the United States suggests that many regional housingmarkets are looking better now only in comparison to where they were during the recession.The recovery in housingmarkets does appear to be gaining steam,but it remains a work in progress in many places.  \nEconomic recoveries typically start with a boost in buildingactivity.But this recovery has been different.Housingmarkets lagged at the onset of the recovery and stayed weaklong after,with home prices continuing to decline through2011,and building activity remaining at muted levels.Thisis not surprising,given the role that housing played inthe financial crisis and subsequent Great Recession.  \nFinally,over the course of the past year,housing has startedto pick up.Residential investment increased by almost21 percent-the biggest year-over-year increase since 2004.Moreover,home prices have firmed up across the country,with year-over-year gains averaging 12.5 percent in the 20housing markets that are tracked by the Case-Shiller index.  \nThis Commentary takes stock of the recent gains to assesshow much progress we have made.We show that despiterecent increases,home prices in many of the 20 Case-Shillermarkets are no higher in real terms than they were in 2000.We also find that regional housing markets have not allshared equally in the recovery of housing prices-rather,gains are concentrated in specific locales.  \n## Signs of National Recovery\n\nAkey variable in gauging the strength of the housingmarket is housing starts.Housing starts measure thenumber of housing units that begin construction in a givenmonth.Housing permits are useful,too,because they givea sense of future construction activity.Figure 1 shows thepath of housing starts and housing permits from 1990 to themiddle of 2013.The boom-bust cycle from 2003 to 2007 isquite evident,as is the subsequent recovery.  \nThe figure also shows that housing starts and permittingactivity have picked up substantially since 2010-increasingby 50 percent.Still,they remain at low levels compared tothe 1990s and 2000s.In fact,they are hovering around thelevels seen during the low point of the recession of the early1990s-a time when the US population was about20 percent below where it stands today.  \nFigure 1.Housing Starts and Permits  \nThousands of units  \nNote:Units are seasonally adjusted.  \nSource:Census Bureau.  \nFigure 2.Single-Family and Multifamily Housing Starts  \nNote:Units are seasonally adjusted.  \nSource:Census Bureau.  \nFigure 3.For-Sale Inventory  \nMillions of units  \nMonths  \nSource:National Association of Realtors.  \nFigure 4.Vacancy Rates  \nSource:Census Bureau.  \nWhat's Been Driving the Pace of Residential Building?The subdued level of residential construction activityis likely the result of several factors.First,there was anoverhang of inventory to work off before new homes couldbe built.The overhang built up during the early 2000s,when the supply of new homes likely outpaced demand.  \nSecond,that overhang has been harder to whittle down,because homes have been moving out of the“shadowinventory”and back onto the market.This movement is dueboth to homes having finally made it through the foreclosureprocess(with some properties having been vacant forseveral years)and to sellers simply waiting for the market toimprove.  \nFinally,the demand for housing fell during and following themost recent recession on account of weak income growth andlower levels of household formation,as children moved backin with parents rather than getting their own place.  \n## Healthy Growth in Multifamily Structures\n\nLooking more closely at the types of residential structuresbeing built reveals that while new construction of single-family homes remains quite low,construction of multifamilyunits is back near i","cbCaic2wbfpQtfi7","https://ap.wps.com/l/cbCaic2wbfpQtfi7","pdf",1484617,"English","# Signs of National Recovery\n## Healthy Growth in Multifamily Structures\n## Other Promising Signs of Stabilization","[{\"question\":\"How has the housing market changed four years into the economic recovery?\",\"answer\":\"Housing markets have started to improve, supported by rising residential investment and firmer home prices. However, many regions show limited real gains compared with 2000 and recovery is not evenly shared.\"},{\"question\":\"What do housing starts and housing permits indicate about market momentum?\",\"answer\":\"Housing starts measure the number of units beginning construction each month, while permits signal future construction activity. The report notes a substantial pickup since 2010, though levels remain low relative to the 1990s and 2000s.\"},{\"question\":\"What factors slowed the pace of residential building during the recovery?\",\"answer\":\"The report points to an inventory overhang built up in the early 2000s, challenges in reducing it as homes moved from “shadow inventory” back onto the market, and weaker demand after the most recent recession due to weak income growth and lower household formation.\"}]","Housing Recovery:How Far Have We Come? - A Commentary | PDF",1789959196,18]