More than 2.3 million American homeowners faced foreclosure proceedings last year, an 81 percent increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices.
Nationwide, more than 860,000 properties were actually repossessed by lenders, more than double the 2007 level, according to RealtyTrac, a foreclosure listing firm based in Irvine, Calif..
The economy is in a vicious cycle. Fewer jobs, lower income, more foreclosures, lower retail sales (click on graph to enlarge), lower production, fewer jobs, .....
It is no surprise commodities are weak and inflation is heading down. Some asset classes benefit in this environment, others struggle.
To find out more about my in depth view of the markets and my strategy just visit our website https://www.peterdag.com/. You can review The Peter Dag Portfolio, free of charge of course. You can also call me at 1-800-833-2782 to discuss your specific money management needs.
George Dagnino, PhD
Editor, The Peter Dag Portfolio
Since 1977
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