May 14, 2007

Will the Housing Slump Level Consumers?

Will the Housing Slump Level Consumers?

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Economists are debating whether a sharp drop in home sales and price appreciation will depress consumer spending, which is about two-thirds of the economy.� The theory is that a sharp rise in home equity helped push spending up faster than income starting in the late-1990s until last year.� Now, as the housing market has soured, consumers not only feel less wealthy, but have less equity to use for other spending.

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Some caution that while mortgage equity withdrawal has declined, it's hardly disappeared.� Mortgage giant Freddie Mac says consumers cashed out $70.5 billion via refinancing in the first quarter of 2007, compared with $77 billion at the end of 2006.� Most of those pulling cash from their homes owned them more than three years and had average appreciation gains of 24%.� Freddie Mac expects cash-outs to keep declining, though staying above historical averages for many months.

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What about you?� How is the housing slump affecting your spending, if it is at all.� We'd love to hear your comment by clicking the Comment link below.

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