Turnover in the housing market declined to historically low levels earlier in the year, and has only just begun to rise off those lows despite the turnaround in the price cycle. Turnover fell to the lowest it has been as a share of the housing stock in more than three decades (Graph 5).
This low turnover has had a number of macroeconomic impacts, which I will come to shortly. Graph 5  Financial  Before that, I will briefly discuss negative equity (this is covered in more detail in the recent ). Falling housing prices heighten concerns about negative equity.