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The US housing market has been in another bullish trend in recent years. Home prices have stayed firm even in the middle of the pandemic recession and staged a big rally as lockdowns eased, with some regions registering double-digit annual gains. That’s thanks to an accommodative monetary policy, which kept mortgages at record low levels, an unprecedented fiscal stimulus, and a snap-back labor market, which created a demand/supply imbalance with sellers gaining the upper hand.

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