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(Deborah Baic/The Globe and Mail)

U.S. housing rebound feels its own kind of tapering

Is it possible that the U.S. housing recovery has already peaked and is heading in the wrong direction after prices became too frothy to be sustainable amid higher mortgage costs and a central bank hell-bent on tapering?

That’s what the latest data appear to be signalling. If so, those who are counting on a strong housing market to power the U.S. recovery this year may be disappointed.