October 14, 2006

Cooling Housing Prices and American Consumers

Cooling Housing Prices And American Consumers

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A year into the housing market's slowdown, Americans have yet to snap shut their wallets, defying predictions that the cooling market would have a chilling effect on consumer spending.

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This year, despite what appears to be the most significant housing-market slump in more than a decade, the nation's consumers have increased their purchases of goods and services at an inflation-adjusted annual rate of more than 3% — just as they have for the past two years. "They're not backing off," says Janet Hoffman, managing partner of consulting firm Accenture Ltd.'s North American retail practice.

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In recent years, the long run-up in real-estate prices, coupled with a proliferation of low-interest financing options, allowed many consumers to borrow against the rising value of their homes to pay for cars, vacations and home improvements, among other things. Many economists assumed that a slowdown in the overheated housing market would reverse that trend, leading to a big pullback in spending.

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