Dallas Fed: Sustainable U.S. Housing Recovery Underway
For immediate release: January 15, 2014
DALLAS—The U.S. housing market recovery has gained traction, and Americans have reason for cautious optimism about the housing market over the next few years, according to a special report released today by the Federal Reserve Bank of Dallas.
In an introductory letter to the report, Dallas Fed president and CEO Richard W. Fisher says that the housing recovery, along with positive economic data seen in 2013, bodes well for this year.
“With a durable housing recovery at hand and the broader U.S. economy poised to further improve, we are confident that 2014 will bring new opportunities for the country and the Eleventh District, whose economic performance has led the nation forward from one of its toughest periods,” Fisher writes.
The report, “The Long-Awaited Housing Recovery,” features three essays written by Dallas Fed vice president and associate director of research John Duca.
In “Nationally, Housing Recovery Finally Gains Traction,” Duca highlights several hopeful indicators that signal U.S. housing’s upturn is durable.
In “Regionally, Housing Rebound Depends on Jobs, Local Supply Tightness,” Duca examines the housing market across the four U.S. Census divisions and across major U.S. metro areas, with particular emphasis on Dallas-Fort Worth and Houston.
And in “What’s Next? Factors Determining the Housing Recovery’s Pace,” Duca reviews the factors that could shape the path of the recovery in coming years.
“While the U.S. housing recovery will probably continue for some time, its pace and composition will be affected by the nature of the labor market recovery, the movement of mortgage interest rates and the difficult-to-predict evolution of credit availability to prospective homebuyers and to homebuilders and developers,” Duca writes.
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