Jim Sullivan Offset Quotations

The weight of evidence is showing housing is starting to cool. Prices have continued to rise faster than income. For a while that pattern has been offset by declining mortgage rates, but that's stopped.

The clear message seems to be that while oil is a drag, it's not a downward driver of consumer spending, ... The labor market is generating good income in general and the housing market continues to deliver a positive wealth effect. These factors are helping to offset the impact of higher oil prices.