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.

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.

Demand for employee relocation services is highly linked to economic activity and the housing market. Since these indicators shift often, revenue is often volatile for providers. The COVID-19 pandemic caused governments to shut down businesses and enforce quarantines, severely reducing economic activity. Corporations had less money to spend on employee relocation services, so providers took a big hit. The pandemic recovery resulted in a surge in consumer spending, boosting corporate profit and aiding revenue growth in 2021 and 2022. Increased business formation and employment raised the supply of potential customers for employee relocation services businesses, so this trend also boosted companies’ performance. Recent years brought challenges: rising interest rates constrained homebuying and moving, while recessionary fears prompted companies to pull back, muting revenue growth in 2023 and 2024. The easing of rates in late 2024 offered some relief, helping the housing market, and demand for relocations partially rebounded. Meanwhile, higher purchase expenses and miscellaneous expenses have put downward pressure on profit since 2020. Remote work trends have increased short-term assignments, decreasing large relocations and shifting providers' focus toward digital services. The growing preference for renting over homeownership means that rental assistance has become pivotal in relocation firm offerings, while flexible housing options and urban multifamily markets are increasingly important for corporate moves. Overall, revenue for employee relocation services businesses has expanded at a CAGR of 4.3% over the past five years, reaching $12.2 billion in 2025. This includes a 1.3% rise in revenue in that year. Servicers will face opportunities and challenges moving forward. Major tariffs imposed in 2025 are expected to dampen consumer spending and potentially trigger a recession, lowering disposable income and corporate profit, which could slow downstream demand for employee relocation services. All service segments—including real estate and moving assistance—are at risk of declining revenue if business activity drops. However, long-term GDP growth is projected to remain solid. Demographic changes, personalized solutions, globalization and technological innovations are expected to sustain modest revenue growth and help relocation firms adapt to evolving market challenges in the near future. Overall, revenue for employee relocation services providers is forecast to rise at a CAGR of 1.9% in the next five years, reaching $13.4 billion in 2030.

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...

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.

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.

United States Home Warranty Market was valued at USD 4,262.56 Million in 2024 and is projected to reach USD 5,682.72 Million by 2032, growing at a CAGR of 4.19% from 2026 to 2032.The aging housing stock in the United States is a significant driver of growth for the U.S. Home Warranty Market, as a significant portion of homes now require ongoing repairs, system upgrades, and appliance replacements. This aging trend has accelerated in recent years, mainly due to a slowdown in new housing construction after the Great Recession, combined with persistent economic barriers including rising material costs, labor shortages, and elevated interest rates that have hampered the supply of newer homes. As a result, millions of homeowners now live-in homes built in earlier decades, creating a vast market need for repair-oriented services like home warranties.

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.

Euroscepticism, the political position which opposes European integration or proposes leaving the EU, peaked in the early 2010s during the period of the Eurozone crisis. Approval of the EU had been stable at a relatively high level in the 2000s, with around half of respondents having a positive image of the Union, before sharply dropping from 2010 onwards to under a third of respondents. In spite of the spike in negative attitudes towards the EU, the total share of respondents with a negative outlook never exceeded the share of those with a positive one. By 2020, disapproval of the EU was back down to below twenty percent, and has fallen further since. The share of respondents with a positive image of the bloc has risen back to pre-financial crisis levels, signifying a remarkable turnaround in the public image of the EU. Whether this reflects a secular trend, or is the result of the external shocks of Covid-19 and the Russian invasion of Ukraine, which have both forced the member states of the union to cooperate on further integration measures, is yet to be seen. The Eurozone Crisis and the rise of euroscepticism Euroscepticism in the 2010s was driven by a succession of crises in both the economic and political spheres, which were latched onto by populists of both the far-left and far-right. The Eurozone crisis was triggered in 2010 by financial market pressure on the heavily indebted countries on the EU's periphery who were also member of the Euro currency area (Greece, Ireland, Italy, Portugal, and Spain, among others). The economies of these member states had suffered greatly during the global financial crisis and great recession, with the collapse of their housing markets and failure of their banking systems meaning that their governments had to take on increasing debt burdens. As it became clear that their debt levels were unsustainable, the yield on their government debt spiked, meaning that new borrowing became unaffordable. In most cases, the 'Troika' of the EU Commission, ECB, and IMF stepped in to provide bailouts, but with harsh austerity conditions which generated further unemployment and social discontent. The crisis was largely resolved by late 2012, as ECB chief Mario Draghi resolved to do "whatever it takes" to stabilize yields and to save the Euro. Nevertheless, Greece remained in deep trouble until after 2015, with question marks remaining about whether they would leave the Euro. Greece finally exited its Troika bailout program in 2018. Increasing migration flows and populist discontent While the Eurozone crisis was resolved (or at least delayed until a future date) by the middle of the decade, the populist political forces which it had unleashed began to have successes across the continent. The humanitarian crisis trigerred by the fleeing of millions of people from the war in Syria and other conflicts in the Middle East & North Africa towards Europe poured fuel on the fire of populism. Parties who opposed migration took power in Central & Eastern Europe, with Poland's Law and Justice Party and Hungary's Fidesz becoming some of the EU's biggest adversaries over the 2010s. Far-right parties in Western Europe such as the AfD in Germany, National Rally in France, Lega in Italy, PVV in the Netherlands, and Vox in Spain began to have unprecedented electoral success. These parties were buoyed by the Brexit referendum in the UK, where the populist challenger UKIP had forced the ruling Conservative Party to announce a vote on the UK's membership of the EU. With the referendum won by the 'leave' side, populist forces in other countries sought to capitalize on this momentum by entering government and, if not leaving the EU entirely, forcing changes to the way the union is run. While much ink was spilled over the threat this populist challenge posed to the EU, in many cases when populist parties entered government, such as Syriza in Greece and the Five Star Movement in Italy, they softened their tone towards leaving the union and focused rather on domestic politics than EU reform. Covid-19, Russia-Ukraine War, and the decline of euroscepticism? By the end of the decade of the 2010s, the populist and eurosceptic wave which had swept over the continent began to recede. Voters became dissatisfied with the achievements of many populist parties once they had entered office and a series of external shocks would further dampen the hostility towards the EU. The Covid-19 Pandemic struck in early 2020, and while the EU has been criticized for not having a united response to the crisis and being slow to organize the roll-out of vaccination programs, the pandemic focused populist energies towards anti-lockdown and anti-vaccination campaigns which targeted national governments rather than the EU. The pandemic also produced a "rally around the flag" effect, whereby the public approval of establishment forces which were seeking...