There will be this year:
- 1Million homes foreclosed (average yr sees 100,000 foreclosures)
- Mortgage applications at 13 year LOW (indication that people are worried about going into big debt)
- Mortgage appls plummetted after credit program ran out of money
- Home sales dropped 30% (biggest drop since recorded keeping began)
- 4.69% for 30-yr fixed mortgage rates can't even get people to buy (lowest in 20 yrs)
this isn't good -- its a big indication that people are starting to keep their money close ...
I think its because people fear all the taxes that are about to come their way -- and you can't blame them ...
the deductions from your paycheck will go from between 30-40% to over 60% in order to pay for all the stuff congress/president wants -- and then there are the local taxes that are going to go up to cover shortfalls - state/county/city taxes that would have been covered by the states.
Then there will be the levies/bonds that the schools will be asking for as they claim budget cuts ... but if you really look at it, most of the time its just that they didn't get what they asked for (what they feel they are "entitled" to) ... but that's a different story.
Right now -- keep an eye on this ... it was one of the big issues that they had during the Depression ... the housing market.