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The Fragile Recovery in Housing Prices

Ronald C. Wrote: Sep 30, 2012 10:12 AM
Are these graphs deflated with constant dollars?

Housing prices in the U.S. appear to have stabilized, at least in the short term, at a level of affordability about 14-16% above the typical levels recorded in the ten years preceding the U.S. housing bubble:

How Overpriced Are New Homes in the United States? (1987-2011)

To achieve that level of stability, the U.S. Federal Reserve had to push long-term interest rates below the levels the market would otherwise set to all-time low levels, which it has primarily done using its

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