I found this video via How the World Works (one of my favorite economic blogs). The video shows a man going through the Detroit Free Press‘s special real estate section, listing foreclosures in Wayne County, Michigan. He reminds us that this mega listing is before the (imminent) failure of the Big Three.
On the West Coast, the L.A. Times reports that for the first time since the housing bubble burst, the majority of homes sold in Southern California in one month (October) were foreclosures.
The magnitude of the foreclosure epidemic is shocking, and it’s only going to get worse … more layoffs, more business failures … also, as people who might be in a position to buy continue to postpone purchases, waiting to see if prices drop futher, deflation is bound to set in …
We’re in a vicious cycle. Anyone dizzy yet?
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