By Nicole Goodkind
Sales of single-family homes in the U.S. rose by 5.7% in September, the highest rate since April 2010.
Most would argue that these numbers are indicative of an improving economy -- an increase in housing sales leads to an increase in housing prices. Daniel Shoag, associate professor of Public Policy at Harvard's Kennedy School, would argue the opposite.
"What higher housing prices have done," Shoag tells the Daily Ticker, "is they've taken half the country off of this income convergence track." Certain U.S. cities have "become prohibitively expensive for low-skilled workers and they've sort of become segregated places full of high-skilled workers. That's contributed to regional income inequalityRead More »from Rising Home Prices Force Low-Wage Workers to Leave Major U.S. Cities: Harvard Study