By Jordan Rappaport, Federal Reserve Bank of Kansas City
The U.S. housing market boom during the mid-1990s and early 2000s propelled rapid growth in the U.S. economy. Housing demand rose sharply, spurring an unprecedented run-up in house prices and unleashing a torrent of new construction. The subsequent collapse of the U.S. housing market pushed the U.S. and world economies into steep recessions.
While construction eventually rebounded—starting in late 2009 for multifamily housing and in mid-2011 for single-family housing—it again slowed during the first half of 2013. The strength of the continuing U.S. economic recovery will depend in part on whether this slowdown proves temporary or longer term.
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