Lowell Deeds

The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell

April 21, 2009

“Thrift Nation”

by @ 4:31 pm. Filed under Current Events, History

The cover story in the latest Time Magazine examines the ongoing transformation of America from a “consumer culture” to a “culture of thrift” and suggests that this society-wide adjustment in attitudes about spending and consuming will rival the one that took place during the Great Depression. This has some relevance to the Registry of Deeds and those in the real estate industry. When the current recession began back in December 2007, home equity loans accounted for 10% of all consumer spending in the country. In other words, people were spending considerably more than they were earning on new cars, college tuition, vacations and other consumer items. The Time article says that such behavior has totally ceased and that the rapid decrease in the amount being spent by Americans has contributed to the severity and depth of the current economic crisis. But the article also suggests that most Americans are approaching this with resolve rather than regret, so in the longterm, at least, there’s some cause for optimism.

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