Wednesday, March 28, 2007

Anyone wanna buy a used Porsche?

At Phillips Auto in nearby Newport Beach, California, no one from the mortgage industry is shopping for Porsches these days, said Theresa Seradsky, the dealership's general sales manager. Instead, they're putting their Porsches up for sale through the consignment program, she said.

No Buyers

``Two years ago, every other day we had somebody coming in to buy,'' Seradsky said. ``In the last two weeks, we've had nobody.''

Well, the housing bubble is now affecting the luxury auto industry. See, it is all connected! Get 'em while they're cheap!

also of note from the article "Subprime Mortgage Collapse Eviscerates California Headquarters": "Office vacancy rates are poised to double this year", and "Massive Layoffs' Coming". Go Irvine!