Signs of its gradual resurgence beginning last year have shaken much of the city.

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This may be the beginning of a gradual, and difficult, recovery for what was the epicenter of the global financial crisis.

FORBES: Housing Recovery? Starts And Sales Of Existing Units Hit Two-Year Highs

"Suddenly they're beginning to launch this program, which is a gradual opening up, " says Mr. Chan, abandoning for a moment his cautious tone.

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If this is truly the beginning of the housing recovery, investors can expect a gradual and difficult climb that will last several years.

FORBES: Housing Recovery? Starts And Sales Of Existing Units Hit Two-Year Highs