Besides wages, one of the few missing ingredients in the US economic recovery has been housing. But things there are starting to change.
New data showed them at at fresh post-crisis peak in December.
But given how that ended, that’s probably a good thing.
During the worst of the Great Recession, residential construction was a massive drag on GDP.
Home prices are rising, but not surging.
The balance sheets of American households have healed up nicely.
Thanks to the Fed.
Refinancing, for instance, has jumped. And applications for home purchases are rising a bit.
Consumer sentiment has been hitting post-crisis highs.
And they have plenty of room to run before we approach bubble territory again.