Jack McCabe — only road to housing recovery is stemming tide of owner-occupied foreclosures

From the South Florida Web site: Simply put, values of real estate, stocks, companies, individuals, and most everything were artificially increased by 100 percent or more the first half of this decade primarily due to increases in real estate values from speculation fueled by leverage and debt. The painful result of deleveraging is well underway, as the process of devaluation and riddance of debt continues. Seventy percent of the U.S. gross domestic product is generated by American consumers. I’ve recently heard some pundits say that a “consumer-less recovery” was underway. There is no such thing. Jack McCabe is CEO of McCabe Research & Consulting in Deerfield Beach, Fla. He is an independent real estate analyst and consultant to major developers, lenders, and investors.