House prices have nothing to with the sum total of consumer expenditures.

What supports Consumer Expenditures is income for cash outlays, income and collateral for credit.

It's the ratio of Money Owed on a Cash Renting Contract (mortgage) to the current Street Price of a hosue in relation to the Cash Renter's Income that decides whether a Cash Renting Agent will lend money to that Cash Renter (Mortgagee).

Folks that borrow cash this way for Hedonistic Buys (holidays, cars, personal water craft, weddings) suffer from many False Beliefs about themselves.

If Total Consumer Expenditures fall in any economy, they fall owing to consumers having LESS INCOME since either their income cannot pay for all the things of goods they want directly and their income cannot support paying for cash renting.

Recently, the U.S. Government employment passed by Private Sector Employment of workers who make physical things of goods in the USA.

Government Employment amounts to paper shuffling bureaucrats who take resources from the economy and give none back. Bureaucrats amount to a Black Hole, sucking in all energy and matter about them.

When Private Sector Employment shrinks, network effects disappear. Since fewer things get made, fewer sub-assemblies get made. As well, fewer new things get made that would arise as Positive Unintended Add-ons to other things.

Suppliers to government operate in the Realm of the Public Sector, even when so-called privately owned.

When government absconds resources and pays suppliers, suppliers get cash in their pockets faster than Private Sector Workers and Private Sector Investors.

When this happens Public Sector suppliers and workers can bid up prices for things faster.

Private-Sector Credit Opportunities disappear since no longer does the income of private sector workers pay for things.

Big Money begins to bet on resources for future manufacturing, farming and mining.

You are witnessing a Private Sector Economic Death Spiraling Tornado, all brought forth by a Small-scale War and Big-scale Occupation Economy.