Even without any further fall, a 40 percent decline in U.S. real house prices is a deep adjustment. This has led to a significant divergence among industries in the pace of recovery. Some industries are recovering much quicker than others.
The proportion of households that have negative equity has jumped since 2010 and continues to increase, which leaves the U.S. housing market still in the doldrums. In contrast, the debt service ratio  5  A sizable number of people change jobs without experiencing a spell of unemployment. Thus, in discussing mismatch or inefficiency in labor markets, simply focusing on the unemployed is misleading.