Developments in the housing market, on the other hand, have remained sluggish, preventing meaningful progress in the adjustment of household balance sheets.
According to Zillow, a firm that provides information on the U.S. real estate market, almost 30 percent of all single-family homes with mortgages in the United States are in  BIS central bankers’ speeches  1  negative equity, that is, the value of the real estate is below the outstanding amount of debt.