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June 10th, 2008 (Modified on June 26th, 2008)

Copycat Crisis



Just as the mortgage crisis has depleted home sales and deflated resale values to record lows, high and ever increasing gas prices have done to the same to the value of SUVs. Their lack of fuel efficiency has proven them undesirable, dropping the number of new and used SUVs for sale nationwide. A three-year-old SUV is worth $2,000-3,000 less than a year ago. Nearly 36% of people who tried to trade in a large SUV in May owed more than what the vehicle was worth.

The auto industry has seen sales of SUVs and trucks plummet, as drivers are turning to smaller vehicles with better gas mileage. Last week General Motors announced they will be closing four North American plants that produce large trucks and SUVs. GM also announced they will increase car production to 60% up from 50%, and had approved production funding for the Volt, a much anticipated hybrid-electric car.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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