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EFTA01181204 | EFTA01181205 After years of overshooting, forecasts are now undershooting... Economsts and real estate expels' projections of the S&PCase-Snider NationalHome Price Index (YoY % change) Current Following year year tivough 2 :2) Forecast Actual 0 j -1 -2 I I -3 June 2010 June 2011 June2012 Tine of forecast Source: Puls enomits.. Morgan Private Bank. ...and housing is becoming a boost instead of a drag Residential investment contribution to real GDP growth, %-point 1.5 1.0 0.5 0.0 ç r ls)h ill 11411 9 2004 2006 0 1 t -0.5 -7.0 -1.5 2000 2002 2008 2010 2012 Source: BEA, J.P. Morgan Private Bank Data as of 02 2012. 2. From home improvement to housing construction. After saving a significant amount of cash in the first years of the crisis, households have been spending some of that cash on home improvements since.2 Recently, we have seen an encouraging transition—spending on home improvement gave way to new home investments. The impressive normalization in homebuilders' expectations of future sales suggests further upside in new home construction and sales in the short term (right chart).3 EFTA01181205
May 12, 2026 at 6:11 PM