Saturday, May 05, 2007
Hmmm - deceit by a property company trying to pretend everything is rosey
MSN Money: Who's next in the global property crash?
It looks like the Spanish may be the first group of Europeans to experience a painful ending to the global property boom. Last week, the Ibex index in Madrid was battered as shares in Valencia-based builder Astroc dived after its accounts revealed that some of last year's profits came from the sale of assets to its chairman, leading to fears that the company was trying to prop up its share price. Its fellow building stocks took a tumble as the fears spread to wider concerns about the property market in general.
Posted by uncle chris @ 12:32 PM (154 views) Add Comment
2 Comments
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1. Cheekie Charlie said...
Read an identical artical where the word Spain was removed and replaced by Ireland. If the editor would like to save more time he could simply replace the word Ireland with UK with a possible publishing date as soon as next month. Wonderful! The spring in my step is slowly coming back, it may soon turn into a jog!
2. Cheekie Charlie said...
"One of the main reasons that property bulls - and sometimes more sober experts - often claim that house prices won't fall is because if you own a home, and prices are falling, you will tend to hold off selling unless you absolutely have to. So the supply of homes on the market dries up, keeping supply and demand broadly balanced, meaning prices remain roughly stable, until conditions pick up again."
The counter psychology again. How about "due to banks tightening there lending criterier and potential buyers unwilling to part from their hard earned cash only to see it vanish due to the depreciating value of house prices is compounding any signs of recovery in the once mighty propert market."