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Posted by nelson87 on August 11, 2006, 11:03 am
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Gorver,
Thanks for the Artical. I Book Marked the Bubble blogs. Thanks,
Nelson87
On Thu, 10 Aug 2006 10:22:37 -0400, "Grover C. McCoury III"
>There is a series of articles in Newsweek this month regarding finances
>entitled "United We Owe". Some excerpts follow:
>
>"Nearly 850,000 homeowners faced foreclosure last year and the number is
>expected to be even higher this year. Foreclosures nationwide were up 72% in
>the first quarter from the same period in 2005, according to RealtyTrac,
>which publishes the largest national database of foreclosure properties."
>
>"For the first time ever recorded, Americans owe more money than they make.
>Household debt levels have now surpassed household income by more than eight
>percent, reaching 108.4 percent in 2005, according to a May 2006 study by
>the Center for American Progress. Consumer debt is now at a record $2.17
>trillion, reports the Federal Reserve Board and consumers cashed out a
>whopping $431 billion in home equity last year."
>
>"In 1952, the average debt to income (disposable income) ratio was less than
>40%. Now, it's 126%."
>
>The full set of articles are @ http://msnbc.msn.com/id/3032542/site/newsweek
>
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