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Are Housing Prices, Household Debt, and Growth Sustainable?

Dimitri Papadimitriou, Edward Chilcote and Gennaro Zezza

Economics Strategic Analysis Archive from Levy Economics Institute

Abstract: Rising home prices and low interest rates have fueled the recent surge in mortgage borrowing and enabled consumers to spend at high rates relative to their income. Low interest rates have counterbalanced the growth in debt and acted to dampen the growth in household debt-service burdens. As past Levy Institute strategic analyses have pointed out, these trends are not sustainable: Household spending relative to income cannot grow indefinitely.

Date: 2006-01
New Economics Papers: this item is included in nep-mac, nep-pke and nep-ure
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