This impasse contributes to an explanation of the virtual stagnation of mortgage lending and residential construction in the United States.3 A second source of obstacles in the United States appears to be the unintended consequences from the corrective measures after the crisis, which might have resulted in heightened uncertainty.
These actions include the discussions of eventual fiscal consolidation in terms of future higher taxes and expenditure cuts to confront the unsustainable path of projected public debt, and the implementation of new regulations to prevent financial crises. To some extent, this environment of uncertainty may have partly induced the recent reduction of producer and consumer confidence.