Everywhere you look, concerns over the housing market appear to be growing.

Residential investment peaked in late 2017 and has been falling since. Nobel Prize-winning economist and New York Times columnist Paul Krugman recently quipped that housing was “an extra reason to be worried about the economy.” And recent news reports have raised similar concerns.

But these concerns are wildly overblown. Contrary to the hand-wringing, the US housing market is in fact normalizing, and that is mostly a positive development for the American economy.

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