Housing Slowdown Looks ‘Orderly’
July 25th, 2006 at 3:34 pm (MSH News)
The Federal Reserve Chairman tells Congress the Housing Market appears to be experiencing a safe landing.
The housing market has been a top economic performer for five years in a row. Rapid appreciation in house prices has made homeowners wealthy and has powered consumer spending, helping the economy move solidly ahead.
The economy, which grew in the first quarter of this year at a 5.6 percent pace, the fastest in 2 1/2 years, is expected to slow to a pace of around 3 percent in the second half of this year.