In this chartbook we discuss the surprisingly rapid recovery of the US residential real estate market, based on the most recent data, as trends there tend to mark generalised global trends. Even though the US and Spain are in different medical situations, the timeliness and breadth of data on the United States’ residential real estate market make it important to analyse for insight on the Spanish and global economies. The shape and speed of recovery in the US may tell us something about the potential paths of other countries. In our opinion, the fact that the intensity of the real estate recovery differs from that of the rest of the economy is closely linked to monetary policy.