The median discount on houses sold at auction compared with their value in the conventional market rose to 18 per cent in July from 13 per cent in June and 11 per cent in May, research published today shows.
Debt is the biggest concern for those seeking help from Citizens Advice Scotland - with a 14% rise in debt related issues in the last year.
No great surprise. Couple this with the fact that the government is "trying to force banks to lend" and the absurdity unveils.
Welcome to the new paradigm of savings, asset liquidation and debt repayment — the era of consumer frugality. After 20 years of living beyond their means, American consumers will be spending the next several years living below their means, and no, this will not be the end of the world, but it will put a firm ceiling on overall demand growth for some time to come.
Great post from Mish
PRINCETON, NJ -- A new Gallup Poll shows 32% of Americans reporting that their recently depressed spending habits will become a "new normal" in the years ahead. These Americans say they have been spending less and plan on continuing that pattern in the future. Eight percent say their new normal will be spending more in the years ahead.
In the US folk are gearing down - and getting ready to spend less in the long run.
"post the initial crash of 1929-1930 equity rally lasted 147 days and the market was up 46% from it's low before the apocalypse kicked everyone in the teeth and we went to the all time low! Now we're 145 days off the March 6th low this year and the market is up 46%..."
