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Bursting the US housing bubble?

  1. 470 Posts.
    Grant, I know that we have had this discussion before but these figures I saw today are interesting. By the way, I'm still waiting for you to justify your statement that US debt is equivalent to ours.

    On the economic front, we learn that in July consumers continued to buy their heads off -- only more so. Consumer debt in July rose at annual clip of 7.6%, lifting total consumer debt to $1.72 trillion.

    At the same time foreclosures on homes has hit record highs. In the second quarter, a record 1.23% of all home loans were in foreclosure, surpassing the previous record of 1.14% struck in the first quarter of 1999. Furthermore, 4.77% of all home loans outstanding were at least 30 days delinquent, one of the highest rates in the last decade.

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