There has been much hoped placed on the "housing recovery story" over the last few years as it relates to the economy and I thought it was time to update the data to see how far we have progressed.  With each passing month, all eyes have been glued to television screens, and headlines, as the latest estimations of housing starts, completions, new and existing home sales, etc. are trumpeted as a sign of a renewed housing cycle.  This is no trivial matter as real estate is seen as a bedrock to economic strength as much as it is the sign of achievement of the "American Dream."

It is true that in past housing was a large contributor to the strength of economic growth in the U.S.