Housing Activity and Consumer Spending

Autor: Jonathan McCarthy, Charles Steindel
Rok vydání: 2007
Předmět:
Zdroj: Business Economics. 42:6-21
ISSN: 1554-432X
0007-666X
DOI: 10.2145/20070201
Popis: The current expansion has seen record-high levels of transactions in housing, extraordinary growth in the aggregate value of owner-occupied housing, and large increases in the amount of funds realized from the refinancing of mortgage debt. Many analysts thus have pointed to the strong housing market and rising home prices as a major pillar supporting recent economic growth and have expressed concern that a contraction in housing activity and values could pose a significant risk to consumer spending and real economic growth. This paper explores the channels by which the housing market may affect consumer spending and assesses the potential risk from a softening in the housing market. Our assessment is that while a housing slowdown by itself may slow consumer spending some, it is probably insufficient to precipitate a downturn without some additional shocks outside of the sector.Business Economics (2007) 42, 6–21; doi:10.2145/20070201
Databáze: OpenAIRE
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