Happy New Year's to all, and best wishes from the Hanley Wood team for bright promise and continued progress in 2014! Here, from Fortune's Nin-Hai Tseng, are five regions that experienced the most pronounced recoveries in 2013. Also, here's a quick first-blush take on this morning's S&P/Case-Shiller home price report from the Wall Street Journal's Kathleen Madigan (paywall). A period of housing tailwinds from investor-driven absorption rates and price gains has drawn to a close; now, it's down to individual buyers of primary residences, hopefully with mortgage finance playing a normalized role. We do believe, we're on the eve of construction.

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