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News and Information Article
BALTIMORE, June 1 // -- And the winner is ... Indianapolis?!?
A recent report indicates Indianapolis is sporting the highest foreclosure
rate of any city in the U.S. While many are stunned to see Indianapolis
oust classically volatile cities such as Atlanta and Dallas, one expert
sees this report as evidence of the "hollowing out" of the U.S. economy.
The RealtyTrac 2006 U.S. Metropolitan Foreclosure Market Report documented
a staggering one foreclosure for every 69 Indianapolis homes.
"The foreclosure rate in Indianapolis is a perfect example of a very
unsettling American economic trend," said Addison Wiggin, author of "Empire
of Debt" and editorial director of "The Daily Reckoning." "Overseas
manufacturer outsourcing, an undereducated working class, and a housing
glut have combined to produce the nations highest foreclosure rate."
A former agricultural and manufacturing hub, Indianapolis gradual
swing away from the manufacturing industry coupled with growth in the
insurance and retail industries have put blue collar workers in a serious
predicament. Wiggin believes this change could soon be mirrored in similar
cities across the nation. "The shift from a manufacturing economy to a
service society doesnt mean everyone who used to work in a manufacturing
position will get a job in the new economy," said Wiggin.
Wiggin also accredits the "brain drain" of many Midwest cities. "Not
only are blue collar workers losing their jobs to overseas markets, but a
general lack of education puts them out of competition for what few jobs
remain.
"This is the beginning of a vicious cycle," said Wiggin. "As blue
collar workers exhaust the resources they need to live a comfortable life
they resort to credit cards and mortgages to feed their consumption. In an
era of rising interest rates, this is putting many middle-income earners in
a bind." Wiggin sees this as yet another sign of "our long history of
economic power and wealth being eroded from within."
Addison Wiggin is the editorial director and publisher of "The Daily
Reckoning," and executive publisher of Agora Financial, a
multi-million-dollar financial research firm and publishing group based in
Baltimore, Maryland.
Brought to you by Agora Financial, and written by the New York Times
best- selling authors Bill Bonner and Addison Wiggin, "The Daily Reckoning"
is a daily, free e-letter that weaves information about the financial
world, investing and everyday life into an educational and entertaining
format that has been engaging their readers for over seven years.
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