a precursor to the Great Depression Numero Deux? I think, the answer is yes. Half the USA has shitty credit, half already owns a house so you will the buyers be? If there was no immigration the problems of housing would have been trice what it is now. But this is bad since the outsourcing fiasco only the housing kept the USA economy afloat. We are approaching rocky times. This economy has been on a house of cards for at least 25 years anyway!
There are 3 likely ends to a credit bubble... (1) Borrowers are UNABLE to take on more credit, and (2) Borrowers are UNWILLING to take on more credit, and (3) Lenders are UNWILLING TO LEND. The credit concerns we have today seem to be centered around #3.... There is concern about "credit quality"... whether or not lenders will be repaid.