In the content above, we reasoned why caution is warranted, but we didn't reason that pessimism is, because we don't think it is.

Investment in residential real estate construction is a significant reason why we don't think the housing recovery is likely to wilt. Contrary to popular perception, consumption doesn't drive growth, investment does. We say that because production precedes consumption.

The good news is that private residential investment is on the rise, which portends a rise in sales and sales-related activity. Looking at the bigger picture, private residential investment tends to lead economic growth, so this is obviously a good sign going forward.

Though relatively more cautious, we remain bullish on housing. But as we've noted many times in the past: all real estate markets are local, which means we are more bullish on some markets and less bullish on others.

 Courtesy of Jessica Regan.

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