“The current housing ‘recovery’ has been characterized by low demand, artificially low interest rates, low new home construction, low new home sales, low existing home sales, low home ownership rate, low labor participation rate and low wages. It was true six months ago and is still true today. Yet against this back drop, home prices continued to rise.  Six months later it is more apparent that the housing recovery was in price alone. The housing price gains boosted by quantitative easing (QE) and low interest rates are in jeopardy as investors are leaving the market, inventory is increasing and interest rates are rising.”

http://smaulgld.com/housing-recovery-never-was-over/

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