It's nice to be validated. :)
So right after I posted the last article about Housing Market Costs, I get this tidbit in my email from Mortgage News Daily:
"According to many prominent economists, including former Fed. Chairman Alan Greenspan, the extraction of home equity wealth in recent years has propped up consumer spending. A sudden swoon in housing prices, they warn, could shut off this spigot, prompting a sharp cutback in spending and elevating recession risks.'With the growth of house price appreciation now stalled or even reversed, this has fueled fears that homeowners may face an inability to withdraw equity which could in turn undermine consumer spending. But, the data released on Tuesday shows that there is 'ample margin for taking out cash without running down home equity.'"
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