Conditions that could support a housing recovery are taking shape now, but job losses, falling home prices and tight lending standards mean demand for housing remains "remarkably low," according to a new Harvard University report out today.

Home-price declines and low interest rates have restored housing affordability in many markets, and a dramatic reduction in home construction should eventually improve the balance between housing supply and demand, the 2009 State of the Nation’s Housing Report from the Joint Center for Housing Studies of Harvard University concludes.

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