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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Giordano Bruno who wrote (125991)5/29/2008 7:17:33 PM
From: Jim McMannisRead Replies (1) of 306849
 
U.S. housing crisis takes a toll on the auto industry

iht.com

NEW YORK: The American auto industry is getting side-swiped by the country's housing crisis.

Auto lenders and banks have tightened their wallets, preventing hundreds of thousands of consumers from getting the financing they need for a car.

Home equity loans, used in at least one of every nine deals, are no longer a source of easy money for many prospective buyers. And used car prices have fallen nearly 6 percent as repossessed cars and gas-guzzling trucks and SUVs flood auction lots.

Those forces, on top of the softening economy, are putting enormous pressure on the U.S. auto industry as it faces what may be its worst year in more than a decade.
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