Koen Straetmans, senior strategist, real estate and commodities at ING Investment Management, explains the impact an ongoing recovery in the housing market would have on the US economy.
The recovery of the US economy is struggling. Several key economic indicators, such as the ISM Manufacturing index and labour market data, have disappointed in the past few months. There is however a bright spot, offering support to consumer confidence and ultimately US economic growth –the housing market appears to be rebounding. Seen as the source of the global financial crisis, the US housing bubble peaked mid-2006, after which default rates on the infamous sub-prime mortgages began rising quickly, constricting credit globally and leading to the failure and bailout of several major fi...
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