[quote=sdrealtor]If some consumers have more money because they arent paying their mortgages and will have less to spend even if they get loan mods you need to factor in all the additional consumer spending that has been freed up among non-distressed homeowners who took advantage of lower interest rates. [/quote]
Do you happen do have a percentage? I think in comparison to all those people who had 0 down and HELOCs, the percentage of people who had high rates and refinanced to lower rates can’t be a very high percentile of people. Then if you factor in unemployment and underemployment/pay cuts, it might end up being a wash, if anything, imo.
I agree w/Zeitgeist. I think for sure this recovery is contrived. Unemployment would be higher were it not for public sector jobs. There’s virtually no private sector jobs in comparison.
