“[The Princeton professors] point out that house-price growth during the last two years was actually a bit better than between 2004 and 2006. But cash-out refinancing volume is way down, as is the building of new units.  ‘Dreadful new home sales data yesterday heightened concerns that house-price growth will stall, but we are making a different point: the sensitivity of economic activity to rising house prices is much lower today than it was prior to the Great Recession,’ they say. ‘This is due to a number of factors, such as the rise in investor purchases and the fact that the households who would be most likely to spend out of housing wealth are no longer homeowners.'”

http://blogs.marketwatch.com/capitolreport/2014/04/24/house-of-debt-bloggers-say-housing-sector-wont-save-the-broader-economy/

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