{"id":21862,"date":"2023-09-05T09:00:20","date_gmt":"2023-09-05T13:00:20","guid":{"rendered":"https:\/\/invisiblepeople.tv\/?p=21862"},"modified":"2023-08-21T09:29:55","modified_gmt":"2023-08-21T13:29:55","slug":"with-car-repossessions-rising-people-enduring-vehicular-homelessness-are-riding-on-fumes","status":"publish","type":"post","link":"https:\/\/invisiblepeople.tv\/with-car-repossessions-rising-people-enduring-vehicular-homelessness-are-riding-on-fumes\/","title":{"rendered":"With Car Repossessions Rising, People Enduring Vehicular Homelessness Are Riding on Fumes"},"content":{"rendered":"

A recent spike in car repossessions and\u00a0<\/span>home foreclosures<\/span><\/a>\u00a0has created a not-so-perfect storm for average-income earning Americans.<\/span><\/p>\n

Many experts hold to the theory that we are not currently in a\u00a0<\/span>recession<\/span><\/a>. However, it\u2019s worth noting that the GDP rose at a much lower rate than projected, which suggests the US could enter a period of stagflation. While not the same as a recession, stagflation is still marked by high inflation rates and stalled economic growth.<\/span><\/p>\n

This stalling of the US economy harkens back to the downturn of 2008, an era known to most as when the real-estate bubble officially burst.\u00a0<\/span><\/p>\n

Today, in a post-pandemic economy where\u00a0<\/span>housing prices<\/span><\/a>\u00a0and inflation are at an all-time high and wages remain dismally stagnant, the bubble that might very well burst is a transportation bubble, as fewer and fewer American workers can even afford to live in their cars.<\/span><\/p>\n

Pump the Brakes: Car Repossessions are Increasing at Accelerated Rates<\/span><\/h3>\n

Data from the\u00a0<\/span>Fitch Ratings December 2022 report<\/span><\/a>\u00a0shows that the number of subprime borrowers who are 60 days or more delinquent on their auto loans has doubled since May of 2021, making auto loan delinquency an even bigger problem than in 2008.<\/span><\/p>\n

Several factors are fueling this crisis. Among them are:<\/span><\/p>\n