As I continue to follow and write about developments affecting the housing market I cannot help but notice an increase in reports and supporting articles that question the strength of this important component of the general economy in America.
In a piece authored by John Mason in The Street dated Jul. 31, “How Fast Can the U.S. Economy Grow With So Many Delinquent Loans?” Mr. Mason points to a recent report by the Urban Institute, “… that analyzed the credit files of 7 million Americans shows why the U.S. economy may not be as strong as [another recent] report from the Commerce Department on second-quarter growth may have indicated.”
Mason’s article continues to state that the government reported that GDP rose at a seasonally adjusted 4% annual rate in the second quarter, as compared to a decline of 2.1% during the first quarter, which as we know was revised downward to a staggering 2.9% contraction. I have also reported on this here at HousingWire. There continues to be conflicting reports about just how “strong” our economic recovery is, or has been.
The Urban Institute, as noted by Mason, reported that about one-third of adults in America who have a credit file have a report of debt that is in collection.
read more.....
http://www.housingwire.com/blogs/1-rewired/post/30926-heres-evidence-showing-the-housing-recovery-isnt-real
No comments:
Post a Comment