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Housing Starts and Vacant Units: No "V" Shaped Recovery

Calculated Risk... | Sun, 11/15/2009 - 8:31pm |  4 comments

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On Friday I posted a graph showing the historical relationship between housing starts and the unemployment rate (repeated as the 2nd graph below). The graph shows that housing leads the economy both into and out of recessions, and the unemployment rate lags housing by about 12 to 18 months. It a
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