The U.S. “Housing Recession”

"Economists often look to the housing market as an indicator of the health of the economy. As the COVID19 pandemic accelerated, the housing market was relatively strong, characterized by robust demand, rising prices, and increased construction. Since the latter half of 2021, spending on residential construction has faltered, leading some to believe that the United States is or was in a “housing recession.” Some have speculated that lower spending in the housing sector is a sign that overall spending in the economy will decrease and that a housing recession will lead to an actual recession. This Insight discusses the concept of a housing recession, reviews housing market trends, and considers the extent to which housing market conditions may affect the broader economy.

Background and Trends

Economists use the phrase housing recession to refer to a downturn in the housing market. While many housing market indicators are considered in general discussions of housing recessions, for the purposes of this Insight, a housing recession will be defined by the amount of and spending on residential construction.

Despite high home prices and rents, homebuilding has slumped. One of the main ways economists measure spending in the housing market is by tracking private fixed residential investment, a component of gross domestic product (GDP). Private fixed residential investment includes all spending on the construction of new single- and multi-family structures (both owner-occupied and rental), residential remodeling, and brokers’ fees. This measure allows economists to not only track spending on housing but also tie it directly to overall economic activity. As shown in Figure 1, below, residential investment has been falling each quarter since the second quarter of 2021, most recently falling by 1.1% in the second quarter of 2023. Decreases in 2023 have been smaller than those throughout 2022, but as a result of nine straight quarters of decline, the level of residential investment is now about $167 billion less in real terms than it was in the first quarter of 2021. By this measure, one could assert that the United States is experiencing a housing recession.."
Housing Recession 

Justice Department Announces Initiative to Combat Sexual Harassment in Housing

"The Justice Department today announced a new initiative to combat sexual harassment in housing.  The initiative specifically seeks to increase the Department’s efforts to protect women from harassment by landlords, property managers, maintenance workers, security guards, and other employees and representatives of rental property owners.  As part of the initiative, the Department will work to identify barriers to reporting sexual harassment to the Department and other enforcement agencies, and will collaborate with local law enforcement, legal services providers, and public housing authorities to leverage their expertise. 

The Justice Department’s Civil Rights Division enforces the Fair Housing Act, which prohibits discrimination in housing on the basis of race, color, religion, sex, familial status, national origin, and disability.  Sexual harassment is a form of sex discrimination prohibited under this law.  The Civil Rights Division plans to launch a pilot of the initiative in two jurisdictions -- Washington, D.C., and western Virginia -- where it is working with legal service providers and local law enforcement to raise awareness about this issue.  The Department hopes to expand the effort to other areas of the country in the near future..."

Sexual discrimination and housing

2015 American Housing Survey Statistics for Selected Metropolitan Areas

"This release of statistics from the 2015 American Housing Survey includes summary tables for the 15 largest metropolitan areas and 10 additional metropolitan areas. 

The 2015 American Housing Survey examined many characteristics, including:  

• Housing costs for owners and renters.
• Remodeling and repair frequency.
• Reasons for moving.

Additionally, the latest survey data provide statistics about:  

• Food insecurity.
• Health and safety hazards in the home.
• Use of housing counseling services.

Use the AHS Table Creator at census.gov to build customized tables showing housing characteristics for your metropolitan area...."
Housing statistics

"The housing crisis of the last decade has not slowed the steady trend towards bigger houses with more bathrooms and multi-car garages but these more spacious new homes are now on smaller lots.

The U.S. Census Bureau collects data on characteristics of new housing for the Department of Housing and Urban Development using the Survey of Construction. Annual data from the survey show that the proportion of single-family homes completed in 2015 with four or more bedrooms and three or more bathrooms has been on the rise since 1987. The share of new homes that are 3,000 square feet or more has been increasing since 1999. The same upward pattern applies to homes that are even larger — 4,000 square feet or more..."
Housing

Annual Characteristics of New Houisng: 2015

Find the latest housing statistics from the Census Bureau's Annual Characteristics of New Housing.
Housing -statistics

dwellr

"City or country? Bike or drive to work? Beach or mountains? Download the U.S. Census Bureau’s dwellr app today to discover the top 25 U.S. cities and towns that best fit your lifestyle. Whether you prefer the bright lights of the big city or wide open spaces, dwellr powers your phone with neighborhood-level statistics on topics such as home values, education, and how people get to work so that you can explore where you want to dwell. Once you’ve found your dream neighborhood, take dwellr with you wherever you go..."

dwellr.

Survey of Market Absorption of New Multifamily Units:2015

"This report presents data on how soon privately financed, nonsubsidized, unfurnished units in buildings with five or more units were rented (absorbed) after completion in 2014. 1 It is based on information collected in the Survey of Market Absorption of Multifamily Units (SOMA), which has been measuring market absorption for over forty years. Also included in this annual report are supplemental tables issued once every five years. Additional reports produced during the year include the Annual Characteristics report and four quarterly absorption reports..."
Housing

Chronic Homelessness: Background, Research, and Outcomes

"Chronically homeless individuals are those who spend long periods of time living on the street or other places not meant for human habitation, and who have one or more disabilities, frequently including mental illnesses and substance use disorders. In the 2014 Department of Housing and Urban Development (HUD) point-in-time count of people experiencing homelessness, more than 84,000 individuals met the definition of chronically homeless, down from more than 120,000 in 2008. In part the decline is due to the federal government’s plan, announced in 2002, to end chronic homelessness within 10 years. The target date has since been extended to 2017. Among the federal programs focused on ending chronic homelessness are the HUD Homelessness Assistance Grants, the HUD and Veterans Affairs Supported Housing Program (HUD-VASH), and several HUD demonstration programs.

One of the reasons that federal programs have devoted resources to ending chronic homelessness is studies finding that individuals who experience it, particularly those with serious mental illness, use many expensive services often paid through public sources, including emergency room visits, inpatient hospitalizations, and law enforcement and jail time. Even emergency shelter resources can be costly. In addition to potential ethical reasons for ending chronic homelessness, doing so could reduce costs in providing assistance to this population..."
Homelessness

Three things to do before closing: What we learned from studying eClosing

"We’ve heard from many consumers about the overwhelming process of closing on a mortgage, which can be confusing and difficult. Closing is the part of the mortgage process where you accept the terms of your loan, the last step before you owe, and usually before you owe more than you ever have in your life.

As part of our broader efforts to improve the overall mortgage experience, we’ve been exploring how technology can be used to address some of those pain points in the closing process.

Today we’re releasing the results of a pilot program where we explored tools and process changes that can help consumers better navigate closing by accessing and signing their closing documents in different ways. Specifically, we examined what would happen if there was more technology involved in the mortgage closing process, with documents being delivered electronically earlier together with online tools and resources. The electronic delivery and signing of closing documents using electronic signatures is sometimes referred to as eClosing.

We wanted to study the idea that by using technology as a tool, consumers may be better informed and prepared – putting them in the driver’s seat at closing..."
Closing

2013 American Housing Survey Factsheets

Find the latest metropolitan housing statistics on the physical condition of owner-occupied and renter -occupied units.In addition, data is presented on mortgage payments, property insurance, real estate taxes, and electricity,
Housing statistics

Housing Vacancies and Ownerships:2014

"The Housing Vacancies and Homeownership provides current information on the rental and homeowner vacancy rates, and characteristics of units available for occupancy. These data are used extensively by public and private sector organizations to evaluate the need for new housing programs and initiatives. In addition, the rental vacancy rate is a component of the index of leading economic indicators and is thereby used by the Federal Government and economic forecasters to gauge the current economic climate..."
Housing vacancies

Percentage of Children living in Owner-Occupied Homes Still Down From Prerecession Levels

"The Census Bureau released its annual “Families and Living Arrangements” table package today, finding that about 20 percent of the nation’s children are receiving food stamps. The economic well-being of households with children declined during the recession, evidenced by a 7 percentage point drop in homeownership in 2014 (from 68 percent in 2007 to 61 percent today) among households with children. Not only is homeownership a key asset and financial investment for many families, it also plays an important role in the stability of children’s lives..."
Children and housing

Population and Housing Units: 2014

"The Census Bureau's Population Estimates Program (PEP) produces estimates of the population for the United States, its states, counties, cities, and towns, as well as for the Commonwealth of Puerto Rico and its municipios..."
Population and Housing: 2014

American Housing Survey, 2013

Find the latest statistics on housing including data on single-family homes, apartments, manufactured housing, vacant units, family composition, income, housing and neighborhood quality, housing costs, HVAC equipment, appliances, fuel type, remodeling and repair, and recent moves.."
Housing survey

Housing: Before, During, And After The Great Recession

"As the 2000s unfolded, economic growth and public policies designed to increase homeownership led to a housing boom. By 2006, the “housing bubble” began to burst. In late 2007, the economy fell into recession. The housing market continued to soften, people began to lose their jobs, and the banking industry was in crisis.
This Spotlight on Statistics looks at consumer expenditures on household items, employment in residential construction and housing-related industries, prices for household items and commodities, and injuries in occupations involved in building and maintaining our homes.."

Housing statistics

2013 Characteristics of New Housing

Find the latest figures of new housing construction.
Housing Characteristics

Characteristics of New Housing: 2013

 "This page provides national, annual data on the characteristics of new privately-owned residential structures, such as square footage, number of bedrooms and bathrooms, type of wall material, and sales prices. Many characteristics are available at the region level. The data are from the Survey of Construction (SOC), which is partially funded by the Department of Housing and Urban Development (HUD)..."
 New Housing

Housing Vacancies and Homeownership: 2013

"The Housing Vacancies and Homeownership provides current information on the rental and homeowner vacancy rates, and characteristics of units available for occupancy. These data are used extensively by public and private sector organizations to evaluate the need for new housing programs and initiatives. In addition, the rental vacancy rate is a component of the index of leading economic indicators and is thereby used by the Federal Government and economic forecasters to gauge the current economic climate.."
Housing vacancies

Population and Housing Estimates:2013

Find the latest 2013 estimates of population and housing units from the U.S. Census Bureau.
Population and Housing: 2013

Where Do You Want to Dwell?

"The Census Bureau’s new mobile app, dwellr, provides those on the go with immediate, personalized access to the latest demographic, socio-economic and housing statistics from the American Community Survey for neighborhoods across the nation. Using the level of importance you place on a location’s characteristics, the app generates a list of top 25 towns or cities most suitable for you..."
where-do-you-want-to-dwell