The foreclosure crisis has affected thousands of homeowners, lenders, builders, as well as students who cannot qualify for student loans due to the high standards posed by mortgage companies. It seems that now its time for the auto industry to be affected by the real estate foreclosure crisis. With banks and auto lenders tightening their loans and worried of getting caught by the recession, hundreds of American consumers are not being able to get the desired loans.
The affect of lesser loans is a massive decrease of auto purchases. America´s auto industry is facing the worst year in more than a decade, and sales have reached the lowest levels since 1995.
Besides the credit crisis, the increase on oil prices contributed to the decrease of auto sales in the US. Luxurious and powerful cars, always loved by the Americans are stuck in the manufactures. The industry of used cars is also facing difficulties, as prices have fallen 6%.
As the auto industry gets hit by the housing crisis, the U.S economy gets into more trouble. The auto industry is the second highest industry in America just after the real estate industry. With our two main industries badly affected, the American Dream seems to be turning into an American nightmare.
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