Several housing markets around the world are beginning to come back to life. House prices are back on the upswing in places such as Australia and Canada. Is the US housing market in a sustained recovery? This is among the more important matters to the US economic outlook and the potential global market consequences given the sheer enormity of the US economy and its powerful central bank. A solid case can be made for answering in the affirmative, but not necessarily with uniform drivers, and even while the housing data is a bit puzzling on balance. Here’s my take on how to decipher the developments by walking through ... (full story)