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Box C: The Spectre of a US House Price Correction

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  • Paul Mortimer-Lee

Abstract

The price of houses is the most important price in the US economy. Houses are the premier asset that most households own, comprising about a third of household wealth in 2021, and 45 per cent for the median household (Sullivan et al., 2023). Households' real estate holdings are equivalent to almost double the rate of personal income. Households' owner's equity (that is, net of debt held against housing), exceeds GDP.

Suggested Citation

  • Paul Mortimer-Lee, 2024. "Box C: The Spectre of a US House Price Correction," National Institute Global Economic Outlook, National Institute of Economic and Social Research, issue 13, pages 45-51.
    • Handle: RePEc:nsr:niesrb:i:13:y:2024:p:45-51
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