posted on December 1, 2006 05:32:22 PM
"Detroit's foreclosure rate of one new foreclosure filing for every 80 households was more than 4.5 times the national average. Job losses in the automotive manufacturing sector, a sluggish economy, falling home values and upward-adjusting mortgages are pushing more Detroit homeowners into foreclosure. Detroit automakers and suppliers are cutting thousands of jobs as part of a massive industry restructuring, leaving thousands of laid-off or underemployed Michigan residents swimming in red ink.
And with the auto industry showing no sign of recovery, the future looks bleak for Detroit. The city has lost about 100,000 jobs in the last five years, and total employment is expected to continue to decline until the end of the decade, according to a recent report by Moody's Economy.com"
When the ass-holes at Ford and GM learn how to make cars,this may change.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
If you dont want to hear the truth....dont ask the question.
posted on December 1, 2006 06:23:54 PM
Here's more "good" news about our "booming" economy....
"""Housing starts tumble
Builders pull back on new projects, permits as latest reading shows real estate market even weaker than forecast.
By Chris Isidore, CNNMoney.com senior writer
September 19 2006: 11:25 AM EDT
NEW YORK (CNNMoney.com) -- Home builders slammed on the brakes in August as starts on new homes sank to their lowest level in more than three years, and a drop in permits signaled more weakness ahead for the real estate market.
Housing starts sank to an annual rate of 1.67 million last month from July's 1.77 million pace, the Census Bureau reported Tuesday. That marked a 6 percent decline from July and a nearly 20 percent drop from a year earlier.
More on housing weakness
Foreclosures spiked in August
Rising payments on adjustable-rate mortgages contribute to 53% jump in foreclosures. (more)
Sharp home price pullback
Government index shows the largest quarter-to-quarter fall off in home price increases in three decades. (more)
Getting real about the housing bubble
Fortune's Shawn Tully dispels four myths about the future of home prices. (more)
Quick VoteHow bad will the housing market get?
Crash
Regional bubbles will burst
Gradual orderly slowdown
Too early to say
or View results
Video More video
On CNN Pipeline, CNNMoney.com's Allen Wastler explains the growing number of foreclosures. (September 14)
Play video
Starts are at the lowest level since April 2003. It also marked the sixth time in the last seven months that starts have fallen from the previous month's level.
Economists surveyed by Briefing.com had forecast starts would drop to a 1.74 million rate.
Building permits, which are seen as a reading of builders' confidence in the market, fell to a 1.72 million annual rate in August from a downwardly revised 1.76 million in July. Economists had forecast permits would slow to a 1.75 million pace in August.
Many of the nation's largest home builders, including KB Home (Charts), Lennar (Charts), Toll Brothers (Charts) and Hovnanian (Charts), have been lowering guidance on home sales in recent weeks, reporting lower prices and excess supply of homes on the markets.
Economists said that as weak as housing starts and permits were in August, it's likely they will both continue to fall in future months.
"Until we see a recovery in housing permits, it is unlikely that we have seen the bottom," said Phillip Neuhart, an economist with Wachovia.
Monday the National Association of Home Builders' survey of members showed the eighth straight month of falling confidence among builders, as the group's index dropped to a more than 15-year low.
The one piece of good news for the housing market from Tuesday's report is it suggests that the supply of new homes on the market could start to narrow, since builders are pulling back so sharply.
The inventory of completed new homes on the market for sale hit a record high in July, according to a separate government report, and that glut of homes on the market has put downward pressure on all home prices.
"Thank goodness the builders are cutting back on their additions to supply; it's an absolutely essential adjustment at this point," said David Seiders, chief economist with the builders' trade group.
Seiders said his estimates are that the "normal" level of housing starts given current factors such as population growth and job creation suggest there should be about just under 1.9 million housing starts a year.
The building boom of 2004 and 2005, topped with last year's record 2.07 million starts, has left the market with an oversupply that could take years to work through, he said.
"2004 and 2005 were clearly excessive, far beyond potential, and that's come home to roost," Seiders said. "We probably won't see a bottoming until the middle of next year, but we could well be running below potential into 2008."
Home building has become an important segment of the economy, and the weakness in building could put a crimp in hiring and economic activity for years to come.""""
posted on December 1, 2006 07:08:55 PM
Putting things into perspective is always 'grounding' for the 'sky is FALLING, OMG, types. lol
from CNN-
Detroit, MI, 10,316, 1.25%
Ft. Lauderdale, FL, 8,431, 1.14%
Denver, CO, 9,825, 1.11%
Miami, FL, 9,380, 1.10%
Dallas, TX, 13,422, 1.01%
Indianapolis, IN, 6,383, 1.00%
Ft. Worth, TX, 6,854, 0.99%
Atlanta, GA, 13,562, 0.94%
Las Vegas, NV, 5,215, 0.87%
Memphis, TN, 3,929, 0.70%
"While the democratic party complains about everything THIS President does to protect our Nation": "What would a Democrat president have done at that point?"
"Apparently, the answer is: Sit back and wait for the next terrorist attack."
posted on December 1, 2006 09:34:26 PM
mingotree,
You know a Beast like Liar_k doesn't give a rats azz if tens of thousands of families nation wide lose the roof over their heads.
HEY LIAR_K, WHEN WAS THE LAST TIME YOU SAW AN ADD FOR DIETECH.COM GET IT NOW???
The beast is sick,sick,sick and filled with hate.
Talking about azz-holes the fool classic blames Americans. I have driven a lot of Chevy and Fords both have given me good service. Maybe his retirement checks are in Yens and not Dollars.
posted on December 2, 2006 05:15:55 PM
classic,
Again is your checks in Yens? An old NEW-CON trick is to blame Bushy's poor trade policies on American workers or industry.
(WORN OUT NEW-CON) tricks like America don't produce good cars or Americans wouldn't work this job or that job. Those tricks just don't cut it any longer the last election proved that. Get current or shut up will ya?
One example of Bushy's poor trade policies is check out how much it cost Ford or G.M. to sell a car in China. Then checkout how much it cost China to sell a car here.
On Monday I am going to look at a newer Ford F-150 pickup. My Ford F-150 has 177,000 miles on it and it still runs strong. The Ford F-150 before this one I had 250,000 miles before I got rid of it so I am in no hurry to trade.
Japan,Korea,Germany,France,England along with America all make great cars and trucks. Take your pick and cash your retirement checks that comes in Yens.
Get some AMERICAN SPIRIT will ya? Have a little compassion for your fellow Americans that are losing their home and jobs. Get off your fat azz and give a fellow American a hand.
I am not kidding classic you NEW-CONS make me sick. All you can do is set there on your fat azz and debate who makes a better car. SICKING
posted on December 5, 2006 01:01:08 PM
Well bigdopa,
Being in the automotive industry, it is clear you don't have a clue when it comes to this topic. Classic is correct. When GM and Ford start building something that isn't a total piece of crap, which includes the workers in those plants, then there jobs will be safe.
But yet, Toyota, Nissan and Honda are all doing very well. And those cars are built where you ask? Can you say, USA? Yes, in the good ole USA.
As far as Mingo-Cathy cowfarms anology goes, that is 100% total garbage too. The only ones at fault in the housing market is the buyers when the interest rates were low, the lenders who are offering interst only loans, and the realtors who stated to their customers to go ahead and over-extend as the houses will only go higher in value.
Now watch the Demomoron droans try and put a political spin on this one.
.
.
.
"Unfortunately there are levels of Stupid that just can't be cured!!" The new Demomoron motto.
posted on December 6, 2006 06:09:45 AM
For the UN-American Stone and classic that don't keep up to date. As you guys can see yes like you both say Japanese cars are good but so aren't American cars good.
UN-American NEW-CONS like you guys are getting left further behind daily.
Consumer Reports: Ford's new sedans shine in results, but Japanese still most reliable.
By CNNMONEY.COM
NEW YORK (CNNMoney.com) -- The Ford Fusion midsized car and its Mercury Milan sibling scored big in Consumer Reports' annual new car reliability survey, just beating out the industry's quality standard-bearers, the Honda Accord V6 and Toyota Camry V6.
Six of the "Most Reliable" are from General Motors or Ford. Those are Ford's front-wheel-drive midsize sedans (Ford Fusion, Mercury Milan and Lincoln Zephyr), GM's new large non-luxury SUVs (Chevrolet Tahoe and GMC Yukon) and GM's Pontiac Vibe wagon.
LOL!
Are YOU a Bunghole?