Growth is slowing and so is debt creation:
And as previously noted, debt and its relationship with real estate has had a big expenditure and income impact on economy. Construction related wages have become a much bigger part of national income:
But residential construction is only one component of the housing impact and this component looks to be turning down.
Other key trends include of course wages: construction wages were up 7.7% YOY Q 2014 and financial services and real estate up 5.3%. Manufacturing and services were up 1% and 1.9% respectively. Economic growth is too one sided and too exposed to debt and real estate.