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Chart of the Day: US Housing’s Stealth Price Boom

Housing has been one of the weak points of the current economic recovery in the USA.  Private residential investment has averaged just 2.5% of GDP during the recovery while its historical average is almost double that. But there’s been a bit of a stealth price boom in housing. According to the latest CoreLogic Housing Index the US housing market is just 7.5% from reaching an all-time high.  The latest year over year growth rate of 6.5% would put us at new all-time highs by the end of 2016.  It’s almost like the housing crisis never happened!