If these survey results are taken at face value and are applied to the case in which the home changes hands - as distinct from, say, a refinancing - the amount of personal consumption expenditures generated from realized capital gains on the sale of homes, financed through the 1 mortgage market, represents approximately 10 to 15 cents on the dollar.
Although the economy is recovering, it is still operating well below potential and unemployment remains high. Stimulus grants from the federal government are winding down this year and will largely have ended by 2012. Demands on Medicaid and other social service programs will likely remain elevated. Moreover, reserve funds are low, and the list of unused one-time fixes has been substantially depleted.