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The U.S. housing recovery has been slow and steady since the big crash ten years ago.

After being burned by the housing crisis, many American homeowners are understandably gun-shy sinking a big capital investment into improving their home, or buying up to a larger one.

Is it finally time to upgrade?

According to Hedgeye Housing and Macro analyst Christian Drake, the data suggests there is still plenty of upside in this housing cycle. In other words, the time to buy up may indeed be now – with one big geographical caveat.

“It depends where you are,” Drake explains in the clip above. “You have the ‘de-financialization’ of the [New York] Tri-State area, which is an idiosyncratic dynamic. But longer term, we do think there is upside in housing.”

So, while there may be pockets of danger like around New York City, new home starts and construction continue to rise nationwide. That suggests that if there is a downturn in the near future, housing won’t be as greatly affected like in 2008.

Watch the clip above for more.

A Good Time to Upgrade Your Home? It Depends Where You Live - the macro show