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249 comments on DrumBeat: May 2, 2007

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Durandal on May 2, 2007 - 9:19am Permalink | Subthread | Comments top

http://www.marketwatch.com/news/story/ford-gm-posts-steep-declines/story...

SAN FRANCISCO (MarketWatch) - April proved to be a difficult month for Ford Motor Co. as the struggling automaker posted on Tuesday a 13% decline in U.S. vehicle sales amid a slowing housing market, lofty gas prices and slumping consumer confidence.

In fact, all the brands noted declines, with exception to Chrysler, which had increased sales to fleet customers such as rental car companies.

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westexas on May 2, 2007 - 9:28am Permalink | Subthread | Parent | Comments top

In fact, all the brands noted declines, with exception to Chrysler, which had increased sales to fleet customers such as rental car companies

The trend for a long, long time to come: deflationary effects in auto/housing/finance and inflationary effects in food & energy.

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Stefan Stackhouse on May 2, 2007 - 10:00am Permalink | Subthread | Parent | Comments top

deflationary effects in auto/housing/finance and inflationary effects in food & energy

Relative price declines for just about everything other than energy & food, really - especially for anything that is more or less discretionary. The higher prices for energy and for food (partially energy input driven, partially biofuel diversion driven, partially climate change & water supply driven) have to be paid for by cutbacks in other purchases. When we talk about "demand destruction", remember that it is not just ENERGY demand destruction.

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tate423 on May 2, 2007 - 12:01pm Permalink | Subthread | Parent | Comments top

STAGFLATION!!!

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westexas on May 2, 2007 - 10:19am Permalink | Subthread | Parent | Comments top

I have often used Las Vegas and Orlando as premiere examples of American consumption.

As Jim Kunstler predicted, many of the areas that did best on the upside of Hubbert's Peak will most likely do the worst on the downside.

The most amazing statistic I have seen lately is that one out of every thirty homes in Clark County, Nevada--where Las Vegas is located--is in foreclosure proceedings.

"Cut thy spending and get thee to the non-discretionary side of the economy."

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neon9 on May 2, 2007 - 11:37am Permalink | Subthread | Parent | Comments top

Orlando's situation is not the best, and continued suburban growth could be it's death. But we have many more natural resources (i.e. water) than Las Vegas and I think we're starting to denisify around the urban core. I see more and more bikes and scooters.

Not near as many foreclosures here as on the coast either.

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westexas on May 2, 2007 - 5:53pm Permalink | Subthread | Parent | Comments top

From the Housing Bubble Blog ("They were simply living beyond their means"):

The Manteca Bulletin reports from California. “It is a tidy, sharp looking home. The Mossdale neighborhood west of Interstate 5 is clean and desirable. It has more than 2,200 square feet of bright living space and is less than two years old. If you had bought it 15 months ago you would have paid in excess of $600,000.”

“Now that home bought with 100 percent financing is in foreclosure. The lender is willing to take $379,900.”

“‘People going into foreclosure today aren’t losing their jobs nor did they have income reduced,’ noted Steve Roland of the Real Estate Group. ‘They were simply living beyond their means.’”

“Carol Bragan, another Realtor with extensive knowledge of the Manteca market, doesn’t mince words. ‘It’s scary,’ she said.”

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249 comments on DrumBeat: May 2, 2007

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