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Holy cow Ian - it sounds like it is getting desperate. The Option Arm and Alt-A mortgages are yet to come...geez!
Saw a doc on south Florida and California...might pay to buy a log cabin in Alaska for decade or so. Write a murder mystery or something!
Not being negative, and I know the suffering will be severe, but perhaps in 10-15 years time the economics of the US might be very different. Perhaps in light of what has, is, and will happen, niche manufacturing may arise?! Something non-wage driven.
I know here in Australia we will be hit by cascading effects of whatever happens over there. Two major advantage we have though, is that once housing prices have contracted and plateau-off, Asian investors will start buying, and, primary industries will kick-off again in 5-10 years time (once the dust settles). This will boost our economy and the housing market will climb again.
In these times, it often pays to look toward future opportunities while dealing with daily issues. For all those who are investment minded; every region has its 'French Riviera'. Where will the Asian Riviera be? A central district 2-3 hrs flighing time from China, Singapore, hong Kong, India, etc. Food for thought, but, Phuket's housing market (through correct Thai governance) is still very strong. It has an international airport, is moderately westernised, close to Bangkok (another future player), and the international investment housing systems are already well established. Something for those on the look-out to consider in 10 years.
We've always been called "the lucky country"...we may yet be faced with the true realization of that statement in the years to come.
Cheers
Mark
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