Real estate

While Canadians debate whether we're in a housing bubble here, south of the border the search is on for hints the housing market is finally off life support.

This week there will be a spate of U.S. housing figures that should give some clues about possible improvements in the sector.

On Tuesday, the focus will be on the S&P Case-Shiller index, a key measure of house prices in 20 major U.S. cities. Considered more accurate than any Canadian home price index, it chronicled in detail the precipitous decline in the value of U.S. properties in the early months of the recession. A turnaround in the month-to-month numbers finally took hold last summer, but stalled in November.

December's figures aren't expected to be great, since numbers on delinquent mortgages and foreclosed properties in the United States have shown only slight improvements so far.

Later this week, the number of housing transactions for both new and existing homes will be released by U.S. authorities, giving further details about the state of any real estate recovery.

On Wednesday, it's new-home sales, expected to grow again after a drop in December.

On Friday, existing-home sales numbers are on tap, and they too are likely to show improvement, thanks to an extension of a tax credit for first-time home buyers.

But don't expect any real gains in the U.S. housing market until the unemployment situation improves, and foreclosures cool off.

(prepared by Richard Black/Globe & Mail)