Finally, I would like to stress that the receipt of financial resources in a region is closely associated with the condition of its financial eco-system. Whether it be development or commercial financial business, a sound financial eco-system is the prerequisite to ensure its success.
In contrast, despite the substantial destruction of wealth reflected in the decline in equity prices, households, encouraged by ongoing increases in income and housing wealth, have maintained their expenditures. Low mortgage rates encouraged households to purchase both new and existing homes, the latter enabling sellers to extract large amounts of home equity, previously enhanced by capital gains.