Das Ende der Immobilienblase in den USA

Abstract

The US economic expansion which began in 2002 has been strongly driven by consumer spending financed by borrowing against sharply rising house prices. But the house-price boom came to an end in early 2006, raising fears of a new recession. Until now, house prices have stopped rising rather than actually falling, and higher employment and earnings are helping to prevent a collapse of consumption. But as earnings begin to rise, the corporate sector might find it difficult to sustain the current record levels of profitability, and if it responds by cutting back investment, this could signal the end of the current expansion.