In this Economic Commentary , we compare characteristics of the 2000–2006 house-price boom that preceded the Great Recession to the house-price boom that began in 2020 during the COVID-19 pandemic. These two episodes of high house-price growth have important differences, including the behavior of rental rates, the dynamics of housing supply and demand, and the state of the mortgage market. The absence of changes in fundamentals during the 2000s is consistent with the literature emphasizing house-price beliefs during this prior episode. In contrast to during the 2000s boom, changes in fundamentals (including rent and demand growth) played a more dominant role in the 2020s house-price boom.

In 2025, Miami was the housing market most at risk, with a real estate bubble index score of ****. Tokyo and Zurich followed close behind with **** and ****, respectively. Any market with an index score of *** or higher was deemed to be a bubble risk zone.

Graph and download economic data for Median Sales Price of Houses Sold for the United States (MSPUS) from Q1 1963 to Q2 2025 about sales, median, housing, and USA.

The year-end value of the S&P Case Shiller National Home Price Index amounted to 321.45 in 2024. The index value was equal to 100 as of January 2000, so if the index value is equal to 130 in a given year, for example, it means that the house prices increased by 30 percent since 2000. S&P/Case Shiller U.S. home indices – additional informationThe S&P Case Shiller National Home Price Index is calculated on a monthly basis and is based on the prices of single-family homes in nine U.S. Census divisions: New England, Middle Atlantic, East North Central, West North Central, South Atlantic, East South Central, West South Central, Mountain and Pacific. The index is the leading indicator of the American housing market and one of the indicators of the state of the broader economy. The index illustrates the trend of home prices and can be helpful during house purchase decisions. When house prices are rising, a house buyer might want to speed up the house purchase decision as the transaction costs can be much higher in the future. The S&P Case Shiller National Home Price Index has been on the rise since 2011.The S&P Case Shiller National Home Price Index is one of the indices included in the S&P/Case-Shiller Home Price Index Series. Other indices are the S&P/Case Shiller 20-City Composite Home Price Index, the S&P/Case Shiller 10-City Composite Home Price Index and twenty city composite indices.

Graph and download economic data for All-Transactions House Price Index for the United States (USSTHPI) from Q1 1975 to Q3 2025 about appraisers, HPI, housing, price index, indexes, price, and USA.

The homeownership rate in the United States declined slightly in 2023 and remained stable in 2024. The U.S. homeownership rate was the highest in 2004 before the 2007-2009 recession hit and decimated the housing market. In 2024, the proportion of households occupied by owners stood at **** percent in 2024, *** percentage points below 2004 levels. Homeownership since the recession The rate of homeownership in the U.S. fell in the lead up to the recession and continued to do so until 2016. Despite this trend, the share of Americans who perceived homeownership as part of their personal American dream remained relatively stable. This suggests that the financial hardship caused by the recession led to the fall in homeownership, rather than a change in opinion about the importance of homeownership itself. What the future holds for homeownership Homeownership trends vary from generation to generation. Homeownership among Americans over 65 years old is declining, whereas most Millennial renters plan to buy a home in the near future. This suggests that homeownership will remain important in the future, as Millennials are forecast to head most households over the next two decades.

Housing Index in the United Kingdom increased to 517.10 points in October from 514.20 points in September of 2025. This dataset provides - United Kingdom House Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The two house-price booms were driven by different factors, and the nature of mortgage lending has changed as well, according to a new report from the Federal Reserve Bank of Cleveland.

The Long Depression was, by a large margin, the longest-lasting recession in U.S. history. It began in the U.S. with the Panic of 1873, and lasted for over five years. This depression was the largest in a series of recessions at the turn of the 20th century, which proved to be a period of overall stagnation as the U.S. financial markets failed to keep pace with industrialization and changes in monetary policy. Great Depression The Great Depression, however, is widely considered to have been the most severe recession in U.S. history. Following the Wall Street Crash in 1929, the country's economy collapsed, wages fell and a quarter of the workforce was unemployed. It would take almost four years for recovery to begin. Additionally, U.S. expansion and integration in international markets allowed the depression to become a global event, which became a major catalyst in the build up to the Second World War. Decreasing severity When comparing recessions before and after the Great Depression, they have generally become shorter and less frequent over time. Only three recessions in the latter period have lasted more than one year. Additionally, while there were 12 recessions between 1880 and 1920, there were only six recessions between 1980 and 2020. The most severe recession in recent years was the financial crisis of 2007 (known as the Great Recession), where irresponsible lending policies and lack of government regulation allowed for a property bubble to develop and become detached from the economy over time, this eventually became untenable and the bubble burst. Although the causes of both the Great Depression and Great Recession were similar in many aspects, economists have been able to use historical evidence to try and predict, prevent, or limit the impact of future recessions.

In July 2025, approximately ******* home construction projects started in the United States. The lowest point for housing starts over the past decade was in 2009, just after the 2007-2008 global financial crisis. Since 2010, the number of housing units started has been mostly increasing despite seasonal fluctuations. Statista also has a dedicated topic page on the U.S. housing market as a starting point for additional investigation on this topic. The impact of the global recession The same trend can be seen in home sales over the past two decades. The volume of U.S. home sales began to drop in 2005 and continued until 2010, after which home sales began to increase again. This dip in sales between 2005 and 2010 suggests that supply was outstripping demand, which led to decreased activity in the residential construction sector. Impact of recession on home buyers The financial crisis led to increased unemployment and pay cuts in most sectors, which meant that potential home buyers had less money to spend. The median income of home buyers in the U.S. fluctuated alongside the home sales and starts over the past decade.

Graph and download economic data for Homeownership Rate for Rhode Island (RIHOWN) from 1984 to 2024 about RI, homeownership, housing, rate, and USA.

The average price of Australian residential property has risen over the past ten years, and in June 2025, it reached over one million Australian dollars. Nonetheless, property experts in Australia have indicated that the country has been in a property bubble over the past decade, with some believing the market will collapse sometime in the near future. Property prices started declining in 2022; however, a gradual upward trend was witnessed throughout 2023, with minor fluctuations in 2024. Australian capital city price differences While the national average residential property price has exhibited growth, individual capital cities display diverse trends, highlighting the complexity of Australia’s property market. Sydney maintains its position as the most expensive residential property market across Australia's capital cities, with a median property value of approximately 1.19 million Australian dollars as of April 2025. Brisbane has emerged as an increasingly pricey capital city for residential property, surpassing both Canberra and Melbourne in median housing values. Notably, Perth experienced the most significant annual increase in its average residential property value, with a 10 percent increase from April 2024, despite being a comparably more affordable market. Hobart and Darwin remain the most affordable capital cities for residential properties in the country. Is the homeownership dream out of reach? The rise in property values coincides with the expansion of Australia's housing stock. In the June quarter of 2025, the number of residential dwellings reached around 11.37 million, representing an increase of about 53,600 dwellings from the previous quarter. However, this growth in housing supply does not necessarily translate to increased affordability or accessibility for many Australians. The country’s house prices remain largely disproportional to income, leaving the majority of low- and middle-income earners priced out of the market. Alongside this, elevated mortgage interest rates in recent years have made taking out a loan increasingly unappealing for many potential property owners, and the share of mortgage holders at risk of mortgage repayment stress has continued to climb.

According to Cognitive Market Research, the global Title Insurance market size is USD 57181.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 12.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 22872.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 17154.36 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 13151.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 14.0%from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 2859.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 1143.62 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.7% from 2024 to 2031.
The dominant end user category is the enterprise segment, which includes businesses and organizations that require title insurance for commercial properties and real estate transactions.

Market Dynamics of Title Insurance Market

Key Drivers for Title Insurance Market

Increasing Property Transactions to Increase the Demand Globally

One key driver propelling the Title Insurance market is the steady rise in property transactions. As the real estate industry continues to expand globally, fueled by urbanization, population growth, and economic development, the demand for title insurance has surged. Property buyers and lenders increasingly recognize the importance of safeguarding their investments against potential title defects, encumbrances, or legal disputes that may arise in the future. This heightened awareness has led to a greater adoption of title insurance policies, driving market growth. Additionally, regulatory mandates in many jurisdictions require title insurance as a prerequisite for property transactions, further boosting market demand. As property markets remain dynamic and resilient, the increasing volume of real estate transactions is expected to sustain the growth momentum of the Title Insurance market.

Evolving Regulatory Landscape to Propel Market Growth

Another crucial driver shaping the Title Insurance market is the evolving regulatory landscape governing real estate transactions. Regulatory changes, including updates to property laws, mortgage regulations, and consumer protection measures, have a significant impact on the demand for title insurance. Stricter regulations often necessitate comprehensive due diligence procedures and risk mitigation strategies, prompting property buyers and lenders to seek robust title insurance coverage. Moreover, regulatory reforms aimed at enhancing transparency and reducing fraud in property transactions have contributed to the growing adoption of title insurance as a risk management tool. Market players in the title insurance industry are continually adapting their products and services to align with evolving regulatory requirements, thereby driving market growth. As regulatory frameworks continue to evolve, the demand for title insurance is expected to remain strong, especially in regions undergoing significant legislative changes in the real estate sector.

Restraint Factor for the Title Insurance Market

Economic Downturns and Property Market Volatility to Limit the Sales

One key restraints affecting the Title Insurance market is its vulnerability to economic downturns and property market volatility. During periods of economic uncertainty or recession, property transactions tend to decline, leading to a reduction in demand for title insurance. Economic downturns also increase the risk of mortgage defaults and foreclosures, which can result in higher claims payouts for title insurers. Additionally, property market volatility, influenced by factors such as fluctuating interest rates, regulatory changes, and geopolitical events, can impact the stability of the Title Insurance market. Uncertain property valuations and shifting market dynamics can make it challenging for title insurers to accurately assess risks and set premiums, leading to potential revenue losses. As such, the Title Insurance market is sensitive to mac...

The home mortgage debt of households and nonprofit organizations amounted to approximately 13.46 trillion U.S. dollars in the first quarter of 2025. Mortgage debt has been growing steadily since 2014, when it was less than ten billion U.S. dollars and has increased at a faster rate since the beginning of the coronavirus pandemic due to the housing market boom. Home mortgage sector in the United States Home mortgage sector debt in the United States has been steadily growing in recent years and is beginning to come out of a period of great difficulty and problems presented to it by the economic crisis of 2008. For the previous generations in the United States, the real estate market was quite stable. Financial institutions were extending credit to millions of families and allowed them to achieve ownership of their own homes. The growth of the subprime mortgages and, which went some way to contributing to the record of the highest US homeownership rate since records began, meant that many families deemed to be not quite creditworthy were provided the opportunity to purchase homes. The rate of home mortgage sector debt rose in the United States as a direct result of the less stringent controls that resulted from the vetted and extended terms from which loans originated. There was a great deal more liquidity in the market, which allowed greater access to new mortgages. The practice of packaging mortgages into securities, and their subsequent sale into the secondary market as a way of shifting risk, was to be a major factor in the formation of the American housing bubble, one of the greatest contributing factors to the global financial meltdown of 2008.

New Zealand has one of the highest house price-to-income ratios in the world; nonetheless, since the first quarter of 2022, the country's house price-to-income ratio started to trend downward. In the first quarter of 2025, the ratio was *****, a decrease from the same quarter of the previous year. This ratio was calculated by dividing nominal house prices by nominal disposable income per head, and is considered a measure of affordability. Homeownership dream New Zealand has been in what is widely considered a housing bubble. The disproportionately large increases in residential house prices have placed the dream of owning their own home out of reach for many in the country. In 2025, around ** percent of residential properties were sold for over a million New Zealand dollars. The majority of mortgage lending in the country went to owner-occupiers where the property was not their first home, with first-home buyers often struggling to secure a loan. In general, only New Zealand residents and citizens can buy homes in the country to live in, with new regulations tightening investment activity in that market. Rent affordability Due to New Zealand's high property prices, many individuals and families are stuck renting for prolonged periods. However, with rent prices increasing across the country and the share of monthly income spent on rent trending upwards in tandem with a highly competitive rental market, renting is becoming a less appealing prospect for many. The Auckland and Bay of Plenty regions had the highest weekly rent prices across the country as of December 2024, with the Southland region recording the lowest rent prices per week.

Mortgage interest rates in Spain soared in 2022, after falling below *** percent at the end of 2021. In the first quarter of 2025, the average weighted interest rate stood at **** percent. That was lower than the rate in the same period the previous year. Despite the increase, Spain had a considerably lower mortgage interest rate than many other European countries. The aftermath of the property bubble Before the bursting of the real estate bubble, the housing market experienced a period of intense activity. A context marked by economic growth, high employment rate, low interest rates, skyrocketing house prices and land speculation, among others, encourage massive lending for the acquisition of property; in 2005 alone, more than *** million home mortgages were granted in Spain. When the bubble burst and the financial crisis hit the country, residential real estate transactions plummeted and households’ non-performing loans jumped to nearly ** billion euros as countless families were not able to cope with their debts. Over a decade after the onset of the crisis, and despite falling mortgage rates, the volume of mortgage loans keeps decreasing every year. A homeowner country Traditionally, Spain has been a country of homeowners; in 2021, the homeownership rate was roughly ** percent. While nearly half of Spanish households own their property with no outstanding payment, the percentage of households that have loan or mortgage pending has been decreasing in recent years. Despite ownership remaining as the preferred tenure option, cultural changes, job insecurity and mounting house prices are prompting Spaniards to opt more and more to become tenants instead of owners, as shown in the changing dynamics of the Spanish residential rental market.

The statistic shows the gross domestic product (GDP) of the United States from 1987 to 2024, with projections up until 2030. The gross domestic product of the United States in 2024 amounted to around 29.18 trillion U.S. dollars. The United States and the economy The United States’ economy is by far the largest in the world; a status which can be determined by several key factors, one being gross domestic product: A look at the GDP of the main industrialized and emerging countries shows a significant difference between US GDP and the GDP of China, the runner-up in the ranking, as well as the followers Japan, Germany and France. Interestingly, it is assumed that China will have surpassed the States in terms of GDP by 2030, but for now, the United States is among the leading countries in almost all other relevant rankings and statistics, trade and employment for example. See the U.S. GDP growth rate here. Just like in other countries, the American economy suffered a severe setback when the economic crisis occurred in 2008. The American economy entered a recession caused by the collapsing real estate market and increasing unemployment. Despite this, the standard of living is considered quite high; life expectancy in the United States has been continually increasing slightly over the past decade, the unemployment rate in the United States has been steadily recovering and decreasing since the crisis, and the Big Mac Index, which represents the global prices for a Big Mac, a popular indicator for the purchasing power of an economy, shows that the United States’ purchasing power in particular is only slightly lower than that of the euro area.

In 2024, the value of construction of commercial buildings in the United States decreased noticeably, falling to lower levels than in 2022. After a noticeable drop in the U.S. commercial construction market during the 2008 recession, the value of commercial construction that has been put in place has recovered to pre-recession figures, reaching *** billion U.S. dollars in 2022. Warehouses and private offices were the most common type of commercial construction starts in the United States. How does commercial construction differ? Commercial construction is for the purpose of business through new buildings like offices or a new industrial facility. In the commercial market, contractors must also take into account the needs of other businesses that may also be established within the building. The larger size in commercial construction tends to lead to the utilization of steel as well as other equipment such as cranes. Such equipment also requires skilled personnel for safe and efficient operations.