We continue to expect housing may add to
GDP growth in 2014 and for the next several
years as the market normalizes following the
severe housing bust of 2005 – 2010.
Housing affordability and supply, and the
supply and demand for home mortgages, will
likely determine the pace at which housing
increases GDP growth in the years ahead.
The inventory of new and existing homes for
sale as a percentage of total households has
never been lower.