Consumer credit fell in September for the eighth straight month, the longest streak of declines since the Federal Reserve started keeping records in 1943.
Total consumer borrowing fell a seasonally adjusted $14.8 billion, or 7.2%, to $2.456 trillion in September, according to the Federal Reserve.
One in Four Borrowers Is Underwater
The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery.
Nearly 10.7 million households had negative equity in their homes in the third quarter, according to First American CoreLogic, a real-estate information company based in Santa Ana, Calif.
Consumer sentiment….down, down, down. 75% think we are still in the recession, the masses are not wrong.
The downturn during the 1970s was caused primarily by Richard Nixon’s faulty economic policy. Among other things the imposition of widespread wage and price controls caused the extended recession of the 1970s we refer to today as stagflation. Oil prices played a role but it was the government’s response that truly put the United States over the edge. Unless the Government takes draconian measures like Nixon did to insulate the economy it doesn’t make sense to compare today’s situation to that of the 1970s.
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Just get it over and done with, a recession is required to weed out the crap in the market.
The UK & the US both need a hard landing. Bring it on!!
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Housing prices and sales will continue to decline. Expect 3 years before the bottom; Commercial real-estate will suffer a steep decline as well.
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