In March I spent a week traveling throughout the US in order to gauge the rate of recovery taking place in the US homebuilding sector which was significantly impacted by the Global Financial Crisis. We are 7 years past the peak of the crisis and from a financial markets perspective, many equity markets have returned to or have exceeded previous highs. The only laggard is the US housing sector; it still has some way to go before reaching previous cyclical norms, let alone cyclical highs. In the 50 years prior to the GFC the US housing market on average built 1.5 million new homes a year and no less than 1.0 million new homes a year. This dropped to a new low with only 550,000 homes built in 2009.