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THE reanimation of Americas housing market hasbeen a long time coming. Residential building lastcontributed positively to growth in 2005. Housing-construction employment has dropped 43% sincethen. Government efforts to resuscitate themarket have flopped. Yet tantalising signs of adurable recovery are emerging at last. TheNational Association of Home Builders index ofbuilder confidence rose for a fifth consecutivemonth in February, to its highest level since May2007 . Sales of previously-ownedhomes rose 4.3% from December to January. The housing overhang is receding. The numberof homes for sale dropped 21% in the year to January, to just over six months of supplyanormal level. 美国翘首以盼房屋市场复苏等得脖子都长了。房屋市场把最后的一点力量贡献给了2005年的经济增长，随后，房屋建造业的就业率就下降了43%。政府在拯救房屋市场的努力也懈怠了，好在耐用品市场最终显示出好转迹象。2月份房屋建造业协会的建设者信心指数迎来连续第5个月增长，达到了2007年5月份以来的最高水平。1月份二手房销售比去年12月份上涨了4.3%，未售房产库存量也有所下降。今年1月份，待售房屋数量下降21%稍稍多于半年的房屋供应量 一个正常水平。 The recovery is an odd one by American standards, centred on the rental market. Thoughhouse prices sank 4% in 2011, rents posted a 2.4% increase, thanks to tumbling vacancyrates. Tight conditions are a side-effect of the housing bust. Construction hit a record low in2011, surpassing a 2010 performance which itself displaced 2009s. The pressure fromAmericas growing population is now showing. Builders are responding. The number of newbuilding permits jumped 19% in the year to January. Approvals for buildings with five or moreunits, which are favoured by renters, soared by 61%. | 
