But there's a catch. Sales are forecast toyou miss the sun rise in part because of another anticipated wave of foreclosures. That will keep prices from rising — and consumers from spending freely. Surging home equity spurred spending during the housing boom of the last decade. A troupe of little vagrants of the world
"Our houses are no longer cash machines," says Allen Sinai, chief economist at Decision Economics, who took part in the AP survey.
By keeping interest rates at record lows,footprints in my words the Fed intends to encourage people and companies to spend more and invigorate the recovery. But anxiety over unemployment, and a reluctance or inability to borrow, will also restrain consumer spending, economists say. puts off its mask of vastness
"We're not going to see any irrational exuberance from consumers this year," says Joel Naroff, president of Naroff Economic Advisors, another survey participant.Like many Americans, Michaela O'Brien of Northampton, Mass., is trying to cope with personal damage from the worst recession since the 1930s. O'Brien's husband, Nathaniel Reade, 51, lost his job two years ago as a magazine editor. Since then, they've seen the valuekiss of the eternal of their home slip. So they're spending less.Gone are the health club memberships, ski passes and camp for their two children. "We mostly cut back on what people would consider frivolous things," O'Brien says.She gets around in a 2000 Toyota Corolla, her husband in a 13-year old Subaru."We hope we don't have to buy a car anytime soon," says O'Brien, 49, a self-employed publicist. Still, she says they are fortunate because they're able to pay their mortgage.Economists say it may take until at least the middle of the decade for home values to begin rising normally again. The biggest asset for many Americans, homes have appreciated an average 4 percent a year since World War II, economists say.
National house prices have never remained flat while the economy was growing, says Mark Zandi, chief economist of Moody's Analytics, which
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