Foreclosure Increase: The First Signs of a Major Downturn? (1 Viewer)

[Joby]

http://www.dallasnews.com/sharedcon...reclose_20bus.ART.North.Edition1.3e5e943.html

I live in DFW, and I can hardly say this is unexpected.

So many people in this city totally, subliminaly believe that how big you house is means how succesful you are...as a person. We got a lot of $60,000 millionaires, and we all knew this would hapen eventually. I mean, I've lived in California andArizona and i never felt that like i do here.

Will the massive amounts of consumer debt (and, possibly, govt debt) lead to a major recession?

Oh, and if you need a big house and 3 cars to feel good about yourself (a LOT of people do subconciously)...

That's sad.


something to think about next time you whip out the visa

there's a much better article on the front page today about our how are richest county (collin) is completely built on debt, and is starting to feel the brunt of the first wave. just think.
monday-you're fired friday-you leave you 6 bedroom house for you car, permanetly

if you're in debt to look rich you're a slave.

 

[PeteEU]

Well economists have pointed out that much of the growth during the last many years in the US has been based on debt, mostly via morgatage or credit cards. And with real wages stagnat at best, then at some point you have to either cut down on your lifestyle to pay off the debt you have gotten while trying to stay in a certain life style, or you go bust.

Now if the increas in foreclosure is going up "constantly" and not just a blip on the radar, then yes it can be seen as a big problem.