No one can rest easy about the economy until U.S. housing markets right themselves. Two of the major geographic regions in the U.S. are almost on the mend, while two others are still on the downslide. The Northeast region has had the smallest housing market decline and remains relatively the healthiest regional market in the country. The South, even in its reduced state, is by far the largest regional housing market, accounting for more starts than the other three major regions combined.