Has the US housing crisis that never was, become the housing boom that no-one expected?

In previous papers, we addressed the impact of the COVID recession on the US housing market, and mortgage finance, and parallels with the GFC. We assessed whether despite the deep COVID recession in 2020, record employment losses, and legacy of the US sub-prime housing crash in the GFC, this was proving to be the “Housing crisis that never was.”

Taking it one stage further, we now consider whether after dodging a post-COVID housing crash, this has become “the US Housing boom that no-one expected?” We find that in contrast to the global financial crisis, government support schemes restricted foreclosures and the market entered the COVID recession in supply shortfall, after land use regulation reduced housing supply.

You can now read the full research paper at the link below