Housing market affordability is so out of whack that 'the bulk of the drop in home prices is yet to come', says Pantheon Macroeconomics

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In contrast to the emerging narrative that the U.S. housing market has bottomed, a recent report from economic research consultancy firm Pantheon Macroeconomics argues that the housing market is far from experiencing a true rebound.

In their eyes, the U.S. housing market's bounce this spring was simply a head fake.