It's when people view these changes as enduring that it really can affect their current spending behavior. I think that is happening probably, and I'm hoping that house price appreciation, the equity accumulation, will help soften the blow in consumer spending.
More Quotes from David Seiders:
I am worried about the potential for a trailing down process that gains some momentum.David Seiders
The home-ownership rate has edged down a bit from its high in early 2004, and we're seeing more people moving into rental housing.
David Seiders
The recent stabilization is consistent with the orderly cooling-down process that NAHB has been forecasting.
David Seiders
We're certainly seeing a record rate of return in real terms (after factoring out inflation), and there has been very little sign of deceleration. But it is probably inevitable that some of this will slow down.
David Seiders
There is now accumulating evidence that the housing market peaked somewhere in the third quarter. Our survey of builder confidence, which came out yesterday, was down a lot. . . . It was the biggest drop since the first survey after 911.
David Seiders
Some softening of long-term interest rates since early December helped buoy builder attitudes. Consumer confidence has rebounded nicely from post-Katrina lows.
David Seiders
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