Finding a Bottom

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Yesterday’s S&P/Case Shiller index provided additional signs of a housing market that is beginning to recover .The Federal Reserve Bank of New York recently published a series of maps http://www.newyorkfed.org/home-price-index/ and an excellent explanation at Liberty Street Economics blog.

These maps provide a full cycle visual walk of the housing market from boom in 2003 through the bust years and now in 2012 and the beginning of a recovery. The question remains is there enough economic velocity in the broader economy to solidify the formation of a home price bottom and will there be sufficient mortgage credit availability to transform the bottom into a foundation for future growth in housing and home values?

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