Brake 4 consumer spending becouse of falling house prices

Falling consumer confidence in America allied to the continued drop in flats average prices is pointing to the lowest level of spending since the 1950s, official data showed yesterday.
According to the Conference Board's consumer confidence index, the outlook of Americans last month was the most gloomy since October 1992, with expectations for the future declining even further.
Economists said that, if their expectations are borne out, consumption would fall by 2.5 per cent - the worst decline since 1959. Consumer demand accounts for two thirds of US economic growth.
At the same time, new data showed that house prices are falling almost five times as quickly as in the last US recession in 1991.