Cooling Housing Market Is Slowing Overall Economy

After riding high due to a booming housing market over the past several years, the U.S. economy is feeling the pain of a housing slowdown.

1 minute read

July 29, 2006, 1:00 PM PDT

By Christian Madera @http://www.twitter.com/cpmadera

The U.S. economy slowed to just a 2.5% growth rate, with the sluggish housing market taking a toll on consumer spending.

"As rising housing prices during the boom added to Americansâ€™ sense of wealth and well-being â€" encouraging them to spend more on a variety of goods and services â€" the reverse could dampen sentiment and lead consumers to pull back on their purchases."

FULL STORY: Housing Slows, Taking Big Toll on the Economy

Saturday, July 29, 2006 in The New York Times

Housing United States

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