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Report: Housing’s Role in the Longest Economic Expansion
In July 2019, the United States’ economic expansion reached 121 months, the longest on record. In its “Special Report: The Role of Housing in the Longest Economic Expansion,” national housing research company CoreLogic examined the housing sector’s performance since the 2009 recession trough, coming up with some of the following metrics:
- In Q1 2010, 25.9% of the total number of mortgaged residential properties were in negative equity. That dropped to 4.1% in Q2 2019.
- Total home equity reached $15.8 trillion in Q1 2019, up from the $6.1 trillion in the first quarter of 2009.
- Through May 2019, home prices increased a cumulative 50% from June 2009; single-family rents increased by 33%.
The sector is expected to remain strong. Said CoreLogic Economist Ralph McLaughlin: “With prices neither rising too fast nor too slow, and with a growing stream of young households looking to buy. . . the long-term view looks healthy.”
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