What happens when debt levels spin out of control?
Bankruptcy, of course.
And foreclosure.
Banks have seized so many properties that 18.6 million houses, apartments, and condominiums now stand empty.
In case you didn’t know, that’s an all-time record.
But don’t wait for a recovery any time soon. We’ll probably see foreclosures spike during fall 2008 and spring 2009.
Which means even more empty houses.
This is the single biggest reason why I don’t plan to buy a house for at least another year.
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