Foreclosures Have Changed Lives across The Atlantic

October 16th, 2008 | Tags: Foreclosures

Foreclosures have changed lives on either side of the Atlantic in London and New York. The familiar world has surely but certainly come apart – although it is like watching a movie in slow motion.

Foreclosures are primarily responsible for the tumbling house prices as also mounting consumer credit and inflation. The socio-economic weather in Britain’s capital has changed perhaps irrevocably. For better or for worse a new age has dawned. To some extent the same can be said about New York.

Foreclosures in USA are causing the Brits to feel the pinch. They are thinking twice before spending. The Indian families are being looked upon as good examples of thrift and parsimony. Their average living standards and muted lack of show and extravagance are coming to be respected.

Since the outbreak of the foreclosure tsunami the change is seen in Londoners in cutting down on expenses that can wait for a tomorrow. For instance they are thinking carefully before moving to a new house or buying a better car. The demand for essentials like food and drink remain strong. But even in this zone the citizens are trying to trim grocery lists by changing over to cheaper more economical brands.

The cinema world and bookstores are also struggling to keep up with the bad economic weather. But post-foreclosure days are not too bad for them because people cutting down on holidays and new cars are trying to find entertainment and relaxation in movies and books. This is telling on British music that has become more lively and experimental. A parallel can be drawn with the days of the Great Depression when cinema hall attendance peaked because the people looked for cheap distraction away from the reality of life. Today the changes in the behaviour of British consumers are noticeable and sudden.

In a strange way the foreclosure crisis has also impacted on the choice of careers. Banking jobs are no longer considered respectable or lucrative. The street protests against banks in London and New York have had a lot to do with the puncturing of the halo surrounding these careers. Bankers have become as unpopular as the journalists. The next generation is thinking about other career options. Those already in the finance and banking sector are feeling confused and dismayed. While the debate goes on about market regulations the young are trying out new fields with importance being given to the arts once again – thanks to the foreclosure crisis.