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Housing is making another run at recovery. Following an abortive attempt to trigger a sustained rebound through the first-time homebuyer tax credit, housing outcomes are once again showing signs of improvement. High-level measures of home sales volume, average home prices, and noisier signals like homebuilder sentiment all show some degree of amelioration in outcomes. It is unclear if these trends can strengthen absent more robust job growth, but the improvements are observable nonetheless.

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