Photo by Phillip Spears via Getty Images
The Case-Shiller index is out this morning, and housing prices continued to rise last month. Except perhaps for those shopping for homes, this is unambiguously good news. The more housing wealth, the greater the “wealth effect”: the propensity to spend. The greater the spending, the less unemployment. The wheel then turns. Maybe we’re heading for a Titanic iceberg, as some of my friends predict. Maybe the fiscal cliff bodes ill. But for those who think we can hang in there and muddle through, good news.
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Prices not adjusted for inflation.
Interactives by Justin Myers.
As usual, look for a second post early this afternoon. But please don’t blame us if events or technology make that impossible. Meanwhile, let it be known that this entry is cross-posted on the Rundown– NewsHour’s blog of news and insight.