US house price rise 'will slow down': Bush

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

But 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.