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Last year, during the throes of COVID-19, I expended many words arguing that the U.S. economy would be OK despite the dark period we were in. We just needed patience. We aren’t in a housing bubble. Today we are enjoying the most remarkable comeback of the U.S. economy, which almost no one saw coming. The America is Back Economic Model and the 10-year yield should share the Oscar for best performance.

Favorable demographics have been a significant contributor to our rapid economic rebound, especially in the housing market. The U.S. economy was plugging along nicely before COVID-19, and the housing market was doing even better. The month before COVID-19 became a known entity in our country, demand for housing started to break out. Once COVID hit in earnest, many predicted that housing would crash.