[turbo6bar]

As you mentioned, the GDP is heavily tied to consumer spending. If mortgage interest rates continue to rise, mortgage refinancing will fall and consumer spending may take a dive. The refinancing boom may continue or evaporate. No one knows. If consumer confidence does not improve AND debt interest rates go up, the economy might become much worse.

So, I think the economy and job market are in many ways tied to the real estate market. Some have said the booming real estate market is one of the few beacons to prop up the sore economy.

Personally, I am not worried about my job, but that's mainly because I'm self-employed. I do have concerns about my clients. If they lose their jobs, I will be affected greatly.

Unfortunately, a healthy US economy requires a lot of consumer spending and acquisition of even greater levels of consumer debt. That's not good, in my opinion.

jurgen