Celebrity Foreclosures on the Horizon, Less Remittances to Latin America and Other Countries, Soaring Gas Prices, higher Food Costs and Less Jobs

The Signs of the Economic Times: Celebrity Foreclosures on the Horizon, Less Remittances to Latin America and Other Countries, Soaring Gas Prices, higher Food Costs and Less Jobs

There is no doubt that hard times are around the corner. More and more people are losing their homes. Counseling agencies such as HOPE NOW have seen and heard al the stories they can hear. In addition to personal problems which can create catastrophe by themselves, homeowners and ordinary citizens have to deal with gas prices, rising food costs, regular bills, and less working hours. Employers are reacting to the bad times by cutting down on their production. The less people work and have income to spend, the less need there is to produce more products. Manufacturers and employers are watching very closely.

Struggling U.S. residents are sending less money to their families in foreign countries. The flow of remittances has come down almost to a grind. Farm and construction workers have long lost their jobs. Since many of these immigrants work in low-paid jobs, they are the first ones to suffer. At the end of the month, they have less money leftover to send to parents and family members. The rising prices for food and gas are causing many of them to stay at home. Wiring money, cash or sending remittances to foreign countries will suffer greatly if the economy does not pick up. At the same time, many workers will have to share living space with friends and family members.

New signs of the times continue to pop up in odd areas. Who would say that some of our best, adored celebrities would suffer the shame of losing their own properties to foreclosures? Well it appears that they are just like us at this level. The real-estate meltdown is hitting them too. Are they also getting pinched by the rising costs of gas, food, grocery and more? Their luxurious estates are getting lost to foreclosure. Foreclosures have no socio-economic barrier. They are an equal opportunity disaster. Let's take the case of Ed MCMhon, late Johnny Carson's sidekick on the "Tonight Show" who is scheduled to lose his estate. His mediterranean estate in Beverly Hills has six-bedroom, five-bathroom, gated in an exclusive community has been on the market for $6.5 million. Juiced Author, Jose Canseco, former baseball star, stopped making payments on his $2.5 million home in the upscale area of Encino, a section of L.A.'s San Fernando Valley.

Former NBA player Vin Baker saw his Durham home going into foreclosure. Other stars are having difficulty getting rid of their houses. Avril Lavigne was in that category. Angela Bassett and Courtney Vance's house dropped more than $2 million. What is nex?