Tuesday, Jun 19, 2007
US housing slump persists
bloomberg.com: US housing slump persists
despite their best hopes sales keep falling as buyers wait for bigger falls
Posted by taffee @ 03:11 PM (161 views) Add Comment
9 Comments
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1. Davros said...
But of course it won't happen here!
2. dobber said...
Is that a cold wind I feel coming across the atlantic?
3. Orwell said...
"The worst housing recession in 16 years is restraining economic growth even as inflation is too high for the comfort of Federal Reserve officials. A jump in mortgage rates and a glut of unsold properties may further reduce demand in coming months, economists said....The housing industry is also wrestling with soaring foreclosures among subprime borrowers -- those with poor or incomplete credit histories...."
Mmmmmmmmmmmmmmm and of course that isn't a risk here in the UK is it?
I wonder what Mrs. Flange thinks...?
4. wiltshire said...
Accompanied by a tidal wave of despair?!
5. tyrellcorporation said...
... and a tsunami of sorrow?!
6. Scott said...
... followed by an earthquake that will knock every property in the UK
7. Crash Bandicoot said...
As borrowing costs increase 1, it becomes harder to borrow enough to buy a house. 2, it is harder to continue to service the debt on the house that you have already bought. Obvious I know, but this is the driving force for a crash. Once there becomes a surplus of houses at "realistic" prices faith in the housing market deteriorates and soon it becomes apparent that if you wait just one more month to buy, you could save thousands. This is why there cannot be a soft landing - although I haven't see one promised lately. All it takes is rising borrowing costs. Where are the MPC when you need them!
8. paul said...
I like how the VI media tries to remain upbeat, but the saying "no-one catches a falling knife" remains true.
9. shipbuilder said...
But what about - subprime will have little effect on the market/the market will have little effect on the economy/soft landing predicted/realtors remain upbeat/strong fundamentals/markets bottomed out.....
slipped again.....
upswing predicted later in the year.....
slipped again......
no crash yet........
slipped again.......
continued 'softening'.......
errrr.....crash?