Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

November 8, 2007

Ripple Effect of Housing Slump

by @ 9:09 am. Filed under Real Estate

While most of the attention given the recent housing slump has focused on foreclosure rates and falling home prices, perhaps the biggest consequence of this slump is just now beginning to appear and that is the tightening of consumer spending of funds derived from rising home equity. From 2004 through 2006, American homeowners pulled $840 billion each year out of homes and have spent $310 billion a year of that amount in “personal consumption.” With no extra money from home sales and refinancings to spend on consumer goods and with home heating oil pushing up beyond $3 per gallon, the US economy might be entering a very precarious time this winter.

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