The overall U.S. economy remains lackluster, but gains in housing during 2012 were significant enough to remain durable, says Mark Fleming, chief economist for CoreLogic.

Fleming points out in CoreLogic's latest MarketPulse report that housing is now contributing to the U.S. gross domestic product. Supply-and-demand dynamics also are back in line with prices dropping and the supply of new buyers restricted by homeowners trapped in negative-equity situations, he added.   

"We estimate that 45% of all mortgaged homeowners can be characterized as under-equitied, meaning they have insufficient levels of equity to provide a down payment on a traditional conventional mortgage (less than 20% equity or underwater)," Fleming wrote.

Even as the housing market cools heading into the winter, Fleming believes gains made in the first part of the year were significant enough to make the 2012 housing recovery durable.

"Given the solid performance of home prices in the spring of 2012, even a stronger-than-expected decline in the fourth quarter is unlikely to wipe away all of the gains made," Fleming noted.

Click here to read the full CoreLogic report.