Survey Shows Economic Depression Likely
February 25, 2008
A majority of Americans surveyed say they believe the U.S. economy will fall into an economic depression, according to a new opinion poll conducted by Housing Predictor.
The online survey found that a slight majority surveyed expect the nation’s economy to develop into a depression. The survey comes at a time when the majority of the nation’s housing markets are in the midst of the worst slowdown since the Great Depression. Sales of homes and other properties are at the slowest level in what has developed into a national real estate recession
Foreclosures have reached all-time record levels as a result of the credit crunch and increasing signs that the nation has fallen into a full-fledged recession, including higher unemployment.
More than two million homes throughout the nation have already been foreclosed as a result of the nation’s subprime lending crisis, and higher mortgage payments home owners are unable to afford. The foreclosure rate has doubled and is forecast to worsen over the next few years.
The real estate crisis has sent shockwaves through Wall Street and other financial markets, sending the nation’s economy on a downward spiral. The White House and Congress are working on plans to help some home owners, but are clearly unable to act fast enough to help many consumers.
Housing Predictor forecasts that foreclosures will top 5.6-million units through 2011.
The crisis has broad implications for the national economy. Consumers are already feeling the pinch at the grocery store with higher prices for food and other products and at the gas station with higher fuel prices. Economists are growing with increasing concern over the economy, which could see the worst crisis since the Great Depression.
How can there not be a depression and how could people not see if coming? I believe its not just one factor but many which has brought about this situation. No one and everyone is accountable.
Lin
Unfortunately, too many of us are living beyond our means. Another factor is the outsourcing of US jobs. Check out the US Appropriatins Bill for 1996 a while ago, but what was going on? We were giving money to exporters? Exporters of what, those exporting our jobs or what? There are too many sitting in board rooms plotting how how to get rich off the sweat of others. The middle class and working poor still have the “work ethic” and they have been milked to death. Local municipalities, counties, and states have insatiable wants that will be funded off the backs of those owning property that was earned with that “work ethic” Financial institutions have lent out depositor monies for loans on properties, businesses, and all manner of “stuff” with inflated values to people who cannot pay. Many are on a spending frenzie for “stuff” they cannot eat, drink, or wear that will not help them one bit when the crash comes. Too many unprepared citizens will be in the bread lines. America will be bankrupt! We need to wake up! Get out of debt. Then there is the “Federal Reserve” not a part of our government to whom we are grossly in debt. Another topic. There is a difference between the national budget and the natinal debt. Yada, yada, yada. We’re in a mess!