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High Housing Prices Fuels Consumer Debt

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High Housing Prices Fuels Consumer Debt

Economy

High Housing Prices Fuels Consumer Debt

High Housing Prices Fuels Consumer Debt

  • Download
  • <iframe src="https://www.npr.org/player/embed/13746138/13743403" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">

High-priced housing has fueled the economy since the last recession in 2001. That's partly because the population is older, richer, and able to borrow money with ease. But with home prices falling, and mortgages harder to get, that's likely to change. The Wall Street Journal reports that the biggest U.S. home-mortgage lender, Countrywide Financial, has started laying off employees.