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First, housing is an essential consumption element that takes up a large share of the typical household's budget. Second, housing is the dominant asset in many household's portfolio. Third, housing production and maintenance constitute an important segment of the economy's production sector. The housing sector plays an important role in the formation of the business cycles. Strong housing demand reflects the condition of the performance of any economy. Increase in the housing demand and housing starts reflects the confidence in the economy. Throughout recent economy, the housing sector surprised many economists with its amazing strength...
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