“Normally”? Think its ever going to be “normal” anytime soon?
If by normal you mean houses increasing in value, yes. Cars will always lose value off the lot and continue to do so until repair costs exceed the value of the car.
They’re now saying high unemployment might continue for years: Bernanke says economic outlook is 'unusually uncertain'
Sounds like an American version of Japan’s “Lost Decade” to me.
I love this attitude. We should just have let a few hundred thousand people lose jobs and further decimate the mid-west economy so that we can worship at the altar of Ayn Rand. The GM intervention was very well done; the company is recovering, is in the process of paying back the loans, jobs were saved, tax revenue sources were preserved. I’ll take that any day.
Right, but the point is that the lender can immediately mitigate its loss with a car. It’s not like they typically sell foreclosed houses for anything like full market value anyway.