As the cost of basic needs such as food and fuel go up and up and we are forced to make a choice between paying a mortgage on an underwater home loan or feeding our families the family will win out and the banks will lose. This is just plain common sense. Housing prices will continue to fall and the pace of the fall will accelerate causing more to just walk away, creating a self feeding death spiral.
We're moving into the next stage of the collapse of America yet so many refuse to recognize it's even begun. I know people that are going on cruises and buying new cars while at the same time I know people that can't afford to pay for basic needs. Many that are fortunate to still have decent jobs are blind to the reality that surrounds them.
Those of us that are fortunate enough to have been, for lack of a better term, eased into the new reality have had a chance, and hopefully we've taken it, to reorganize and re-prioritize our lives. We're, more or less, ready for what's coming. As ready as we can be anyway for a societal collapse. The majority, however, aren't.
Brace yourself, especially if you live in a highly populated area, for civil unrest like we've rarely seem in America.
Pray, pray, pray.
"Zillow just released a devastating third quarter housing report. Basically every major indicator is crashing:
The decline in home values accelerated in September, dropping 0.4% month-over-month
Foreclosures reached an all-time high
A record 23.2% of mortgages are now underwater
The double dip -- already a rare phenomenon -- is now entering an unprecedented free-fall.
Zillow economist Stan Humphries says prices won't hit bottom until next summer at the earliest, as foreclosure activity grows.
Humphries warns: “While not unexpected, the unceasing declines in home values signal that we’re in for a long, bleak winter of continued troubles for the housing market. The length and depth of the current housing recession is rivaling the Great Depression’s real estate downturn, and, with encouraging signs fading, will easily eclipse it in the coming months."
To see a list of 12 major cities that are crashing go to Business Insider, the site this post was printed at.