Sunday, Mar 18, 2007
House price meltdown in US will spread to UK
The Observer: Just pray this country doesn't go sub-prime
Excellent article by Nick Cohen:
The parlous state of the US housing market offers a chilling warning to Britons........
.....The British have allowed themselves to become far too dependent on the property market. It matters too much, fills too many of our hopes and fears. Whether it goes up or down, the consequences are likely to be about as sub-prime as you can imagine.
Posted by the end game is upon us @ 11:33 AM (164 views) Add Comment
2 Comments
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1. japanese uncle said...
he imagines a future when two or three housing conglomerates control a large chunk of Britain's most desirable housing stock.
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Only if they are buying all the properties wthout borrowing, this scenario may come true.
2. lvmreader said...
It's
all
subprime.The contagion only will happen if the banks increase their credit spreads and then that increase impacts the better qualified borrowers.