Friday, Feb 16, 2007
US property prices in tailspin
CNN: US house prices fall
3rdQ median prices down 1%, accelerated to a 2.7% fall in Q4, not looking good at all......
Posted by andy h @ 02:55 AM (140 views) Add Comment
11 Comments
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1. C'mon Correction said...
"The Sarasota-Bradenton-Venice, Fla., market saw the biggest year-over-year decline in the fourth quarter, with prices plunging 18 percent.
When looking at the change between the fourth quarter and the second-quarter peak, the Palm Bay-Melbourne-Titusville, Fla., market saw the biggest drop, with median prices plunging 19.5 percent.
But the weakness in prices wasn't restricted to those kinds of markets. Springfield, Illinois, reported a 16.2 percent drop in the fourth quarter compared to the third quarter, the biggest decline during that time frame, along with a 10.4 percent decline compared to a year earlier."
Evidence for - nohpc, GS and David etc - to remind them that prices don't always go up. And if it can happen in America then it can happen here (just as it has done in every previous cycle of this market to date).
These precentage falls in America are quite frightening. Should be a caution to anyone blindly jumping on the band-wagon here in the uk.
2. Urine Trouble said...
Why is it that houses go up by tens of % but only fall a few %?
3. financial planner said...
4.3% down in the 6 months to end Dec, with a far larger fall in Q4 than Q3.
The Q4 fall is THE BIGGEST on record (30years)...
Nationally, it is extreme for prices to fall at all in the US. It is extreme...
4. paul said...
Needless to say, the UK mainstream media will NOT be featuring this unprecedented freefall.
5. David20040_0 said...
Slight difference between us and the United States.
They can build tehmselves out of the problem, we can't.
6. sovietuk said...
What will happen later in the year over there when the majority of those fixed rate mortgages end and revert to much higher variable rates? I suppose if you were a property optimist, you'd think it would help house prices go up.
Yes folks the sh****t is going to the hit the fan big time.
7. Surfgatinho said...
"not looking good at all......"
Looks exceptional from where I'm sitting!!!
8. C'mon Correction said...
U T - If a £100k house goes up 100% to £200k, it only has to drop 50% from £200k to get back to £100k. Thus falling percentages will look smaller but it's the amount that counts !!
9. dohousescrashinthewoods said...
I thik this could be the actual dawn. The UK will be riding the US's coat-tails no matter what poor, insignificant demographic excuses for the current state of the housing market the Kirstyophiles contine to chant to themselves in the increasingly desperate hope of salvaging their precious box-flat BTLs.
Hold on to your jobs, we are going in.
10. Bigguy said...
Urine trouble
don't forget that if house prices have gone up by 100%, then they only have to fall by 50% to take them back to where they started...
11. enuii said...
Don't you just love percentages, they make things look so much better than they really are, do they still teach such complex mathematical concepts in school these days?