I wish it wasn't true but, unfortunately, it is.

2010 was the year of the rebound, at least that's what everyone was reporting. I guess everyone wanted to champion home that all of the dollars spent in Washington was really working. But now we're in 2011 and we're quickly finding ourselves ingrained with a flurry of issues ranging from mounting debt to slowing economic growth, rising unemployment and no job creation. Oh yeah, housing has still yet to find a bottom.

I think it's safe to say we're bordering on a double-dip recession.

Late last year IHS Global Insight published results that we were well on our way to recovery and can expect auto sales to surpass 17 million units by 2015. While we're still a few years out, which provides an ample cushion, this delay right NOW is going to cause a domino effect.

So, with that said, I wanted to point out a nice snippet written up by The Truth About Cars this weekend, which discussed how the great automotive renaissance is now on hold.

**To read the FULL story, click "Read Article" down below

14 millions Americans are out of work. The government is facing default. U.S. home prices are at their lowest level since 2003, and Robert Shiller, the economist who co- founded the S&P/Case-Shiller index of U.S. home prices, said a decline in property values up to 25 percent in the next five years “wouldn’t surprise me at all.” From Bernanke on down, everybody is scaling back the rhetoric that economic growth is just around the corner.  Suddenly, automakers aren’t so sure anymore about all that pent-up demand that will bring back U.S. car sales back to their old glory. Reuters asked around and didn’t come back with good news.

Hyundai Motor America Chief John Krafcik is the most outspoken: “When people don’t have home equity, it’s often very difficult for them to pull that trigger and buy a new car. Jobs are still an issue, housing is still a big issue and I don’t think that’s talked about enough in the context of our industry...

[Source: The Truth About Cars]

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I HATE To Say It, But I Told You So

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