Wednesday, Sep 12, 2007
anyone want a cheap house?
CNN: Massive Motown foreclosure auction
This is what could happen in the UK, houses for less than a price of a used car..OMG
Posted by mark @ 02:43 PM (588 views) Add Comment
4 Comments
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1. dohousescrashinthewoods said...
For anyone who has S2R, I can see opportunities to buy scores of houses for cash and sell them on the open market at a profit, even in a falling market.
Oh to have owned and sold in this boom. Still, there will be plenty of opportunities coming up. Even with a few grand you could multiply money in the space of a few months.
2. Crashing Pumpkins said...
People trying to multiply their money for doing no work whatsoever is the reason we are in this mess in the first place... so not a very helpful comment!!!
3. Drewster said...
This sounds familiar - there were stories of houses in the north of England being sold for a pint of beer during the last crash. They were usually shabby houses in need of major renovation, and they were all located in areas with little or no employment and many recent job losses.
Could London & the rest of the UK face a similar fate if the financial services companies start shedding jobs? Just as Detroit was heavily reliant on one industry (cars, car parts, car radios, machining tools) isn't London heavily reliant on the financial industry (normal banks, investment banks, hedge funds, mutual funds, pension funds)?
The Detroit car industry collapsed for several reasons including competition from Japanese manufacturers, increased automation of production lines, and out-sourcing to cheaper countries.
In the UK, the financial industry could also suffer through competition from abroad (e.g. Singapore), automation (quantative analysis software), and outsourcing (already happening).
Where jobs go, house prices follow.
4. Welshie1701 said...
All well and good, but isn't massive speculation in property (as opposed to buying one place to LIVE IN) one of the root causes of this whole problem in the first place?
Surely as a nation there needs to be a complete change in attitude regarding property.....