Still sputtering despite the gradual economic recovery, the U.S. housing market's continued recovery appears dependent upon the return of consumer and investor confidence in concert with balanced government policy that provides the appropriate level of support without crowding out private investment or raising borrowing costs.
Bad weather has slowed the housing market's recovery in some areas, and the effects of market dislocations including the overhang of property foreclosures and persistent unemployment, will impact residential real estate markets for several years. The sector has also contended with other uncertainties.
In April, the Federal Reserve ended its program to purchase mortgage-backed securities-a role assumed after the government takeovers of Fannie Mae and Freddie Mac and the related loss of confidence in their securities. Also in April, the first-time homebuyer tax credit expired, removing a powerful incentive for many prospective purchasers.
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