Analysts believe only 15.9 million light vehicles will be sold in USA in 2008, a 10 year low. GMs year to date market sales has declined 6.1% and YTD market share is 23.7%. GMs Nov 07 sales vs Nov 06 are down 11% and Nov 07 market share is down to 22.1%. Fords market share for 07 is down 12% to 15.9% of total market. Chrysler spokesman stated that 08 looks "pretty tough" and "we'll be adjusting our schedule on a weekly basis." From The Detroit News 12/4/07.

 

Sounds more like someone is speculating, not reporting fact. This doesn't mean it won't happen, however GM and Ford have made no such announcement at this time.

 

Predicting future sales is always speculation, but the article states that GM and Ford has cut their North American production plans for the first quarter of 2008 on expectations that the weak demand for cars and trucks will spill into the new year. "Detroits biggest automakers anounced the lower production levels Monday, as monthly sales figures showed that the overall U.S. auto market shrank by 1.6% in November." The Detroit News 12/4/07 Section C, page 1.

 

Wait until all the ARM resets 2009-2011.

 

You talking about the mortgage stuff? (arm)

 

yup, you will see lower auto sales in those years than in 2008. Mortgage problems will suck most of the consumer spending out of the economy.

 

ehhh, blown out of proportion. and even IF true, it's been proven people value credit cards and retail belongings (cars, tvs, etc) MUCH more then their house. They'll just foreclose, rent a cheap apartment, then buy a new car.



I have a friend that did just EXACTLY that. Although, he lost his job (company was growing too fast); not a ARM reset.

I don't see it being much of a problem around here though, I know no-one here in the midwest that bought with an ARM. Not needed, housing is reasonable. People also tend to be a little smarter ("conservative") with their money then the east/west coast morons.

 

I agree totally!

But, I listen to Dave Ramsey (right now, as a matter of fact)

 

Most people just don't immediately see what the housing problem is going to do to our economy, they think it's not that bad. It's not hitting us like a tidal wave but instead is going to be a long downpour, either way we're all gonna get wet and it will ripple to everything in the economy. I have a feeling it's going to get really bad over the next few years.

 

I wouldn't buy a house, I'd get an apartment, or move in with someone, will the housing market affetc me if I do that?

 

Yes, if people move from their houses to apartments, the rent you pay will steadily increase to equilibrium.

 

You're better off taking a chance on the housing market. Paying rent is just like leasing a car, after your done, you don't own anything. At least with a home loan you can write part of it off. You can even take out an equity line on your house and fix it up, or buy a new car. (And write part of it off.)

Just don't buy a new house, buy one that's someone else's problem by looking for deals on foreclosed homes.

 

Just wait around and buy a cheap or foreclosed home and get a fixed rate mortgage.

The problem with the houseing market is ARMS let people buy housing they couldn't afford by teasing them with "interest only" and "low interest rate" payments on the front end of the mortgage.

Remember those commercials to "get a 200K house for only 800/mo...." ect?

 

Now is a great time to buy if you have the money and can get financed. Getting financed is the problem now as the banks have really tightened the standards,.............finally!

 

Wow, this thread got sidetracked quicker than a lounge thread by a girl w/ a question.

The original post didn't say that part and hence it was unclear.