Tuesday, Jul 10, 2007
The CML rebuffs AD
Bloomberg: U.K. Mortgage Lenders Rebuff Darling's Call on Loans
It took a couple of hours, but the mortgage industry is reacting to AD's interview. Well, may I say, I found surprising that the Chancellor mentioned housing as his first priority during his first interview. Could it be the govt will destabilize the market (on purpose or -more likely- by chance)?
Posted by confused76 @ 12:51 PM (367 views) Add Comment
2 Comments
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1. dohousescrashinthewoods said...
Confused76, do I detect a hint of Hanlon's razor: "Never attribute to malice that which is adequately explained by stupidity".
;)
2. sold 2 rent 1 said...
"The cost of a home compared to average annual income rose to the highest since records began in 1974, the CML said today"
Shame the records don't go back to 1948 when prices crashed 50% against real incomes over 9 years.
It makes sense that the 1948 peak is compared to the 2007 peak. Both dates are in their own k-winter.
Devaluation of sterling was blamed for the crash being so severe back then.
Will devaluation be blamed again this time?
If devaluation happens, Noshbag Smith will certainly use it as his "get out of jail free" card
There is another k-winter comparison in stocks too (in addition to the 1929 and 2000 highs).
There have been a couple of reputable websites comparing the S&P 4 year bull run with that of 1942-46 DJIA
Bill McLaren (who picked the day the Nasdaq peaked) is one of these sites.
http://www.mclarenreport.net.au/articles/articles/128/1/April-13-2007-CNBC-Europe/Page1.html