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Consumer Reality Distortion, Or Is It?

survey [1] A survey [WSJ] [2] by Royal Bank of Canada’s RBC Capital Markets unit of 1001 consumers found that most owners think their homes will continue to appreciate and the housing boom has not affected their spending patterns.

The results of this survey seems to indicate that consumer perceptions of their spending habits contradicts the Fed’s pronouncement that the consumer is driving the economy through extracting equity from their homes.

The sample was spread across geography, gender and income brackets, to make it representative of the general U.S. population. The survey’s margin of error was plus or minus 3%.