Consumer confidence down, retail sales up!?
Apparently Consumer confidence is way down according to recent reports, however retail sales are up! Hmmm....Doesn't add up right? Where is the money for these shopping sprees coming from? Maybe its actually coming from looming foreclosures.
Some Americans have figured out that they can stay in default int their homes that they're upside down on for an extremely long time NOT paying their mortgage and in some cases even get paid by the bank after a foreclosure to move out in a "cash for keys" agreement. I guess not paying mortgage in some cases up to 3 years can free up a bunch of money to go shopping! Sounds so backwards, but its happening. While the majority of Americans work hard to stay good on their mortgage commitments, and some have legitimate hardships, there are still those that are working the system and the ripple effect has consequences for all of us.
We need REAL solutions to help keep people in their homes, actually PAYING their mortgages, and building equity when the market turns around (which it will)!
Any suggestions? Please feel free to share your thoughts & ideas!
Have a great weekend everyone!
Consumer confidence down, retail sales are up?!
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