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TheBlueCat

Us Housing Meltdown

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Someone posted this on the newsblog, it's well worth a read:

http://www.nytimes.com/2007/09/02/business...p;ex=1188878400

A couple of things that caught my eye:

Indeed, what was once a problem confined mostly to economically struggling areas is quickly becoming a national phenomenon. Last year, there were 1.2 million foreclosure filings in the United States, up 42 percent from 2005, according to RealtyTrac, a firm that analyzes such data. At current rates so far this year, RealtyTrac expects foreclosure filings to hit two million in 2007, or roughly one per 62 American households — a rate approaching heights not seen since the Great Depression.

Replicated in the UK that would be somewhere around 200-400 thousand reposessions a year.

For a mayor presiding over a town in crisis, Mr. Ciaravino doesn’t seem angry, but beneath an affable exterior is barely concealed frustration that the danger of subprime debt became a national issue only after Wall Street began to wake up to the threat this summer. “We’ve been warning of problems for years,” he says. “I’m just a small-town mayor. Where was the foresight?”

Ciaravino for president anyone?

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yet another great depression comparison. :ph34r:

It's appropriate, given the size of the bubble.

Bill Gross said that the asset deflation would be on the biggest scale since the great depression.

There are plenty of comparison's, ie the US savings ratio has been at it's lowest since the great depression as well.

We're heading for rough times...

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Guest grumpy-old-man
It's appropriate, given the size of the bubble.

Bill Gross said that the asset deflation would be on the biggest scale since the great depression.

There are plenty of comparison's, ie the US savings ratio has been at it's lowest since the great depression as well.

We're heading for rough times...

;)

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Mmmh. Not enough jail cells to lock up all these fraudsters, huh?

Think it might get nasty in Cleveland (oh, and everywhere else)?

Ahoy hoy me hearties,

Gosh yes, pi**ed off people on that scale can turn into a very nasty event quite quickly. Prison might be a safer place for some.

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