Housing has seen a remarkable recovery, but its foundations look a little wobbly

new-home-foundation-14090187By Gregory Zuckerman | The Wall Street Journal

Is it too late to catch the real-estate rebound?

Just a few years after suffering its worst downturn since the Great Depression, housing has seen a remarkable recovery. Skimpy interest rates, pent-up demand and lower prices have sparked gains of about 20% in the median price of new and existing homes over the past two years.

The Dow Jones U.S. Select REIT Index—which covers a number of investment vehicles—has climbed about 150% since the beginning of 2009, roughly matching the Standard & Poor’s 500, including dividends.

But the market’s foundation is starting to wobble.

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