Bush advisor predicts house price slowdown

The rapid rise in house prices – which has made Americans feel wealthy and inclined to spend over the last several years – won’t continue indefinitely, President George W. Bush’s top economist said today.

Still, a mild slowing in the buoyant housing market should not pose a danger to the country’s overall economic health, Ben Bernanke, chairman of the Council of Economic Advisers, told Congress’ Joint Economic Committee in Washington.