by Bill McBride on 5/30/2007 12:10:00 AM
Wednesday, May 30, 2007
From the WaPo: An ATM That's Out of Money
For years ... people used their homes as glorified ATMs, pulling out money for all sorts of reasons. The trend helped support continued economic growth and recovery from the 2001 recession.This has all been discussed here before, but it is now on the front business page of the WaPo. As an aside, I believe Fleck was the first writer to refer to mortgage equity withdrawal as the "housing ATM".
But now people are reining in their spending, raising concern that their collective decisions could nudge a sluggish U.S. economy into recession.
Posted by Bill McBride on 5/30/2007 12:10:00 AM