The US housing market matters to almost everyone – even people who do not want a property in the country. Stabilising house prices could help to draw a line under the troubled assets on banks' balance sheets, and hence under the financial crisis.
In the latest welter of housing data, some have seen green shoots. Official data show month-on-month price rises for two months in a row, for the first time since 2006.
New house sales also ticked up slightly, albeit leaving an inventory of unsold homes that would take more than a year to sell at the current rate, while historically low mortgage rates have sparked hopes that buyers will reappear, even if they have yet to do so in any numbers.
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