While we last focused on the unique recovery taking place in the West region of the U.S. housing market, the story there is not being universally shared across the United States, where the real estate markets of other major regions in the country are having different experiences.
We're going to tell that story using graphs of the recent trends for the estimated total valuation of existing home sales in each of the U.S. Census Bureau's regions, starting with what's happening out west.
Driven by the combination of housing shortages and rising mortgage rates, which together