Friday, Sep 14, 2007
Rightmove leak - fall in UK prices of whopping 2.6%
www.rgemonitor.com: My Thursday Talk at the IMF on the U.S. and Global Economic Outlook
Poster 79 on Nouriel Roubini's blog claims a leak from Rightmove (see below):
''To add to the woes of Northern Rock (which specialises in sub prime mortgages in the UK), there is a leak of the rightmove.co.uk data on asking prices (due for release on the 17th) which shows a fall of 2.6% nationally in the UK in the four weeks to September 8th compared with the previous four weeks, with London asking prices falling 2.5% and all regions except West Midlands experiencing falls. Parts of London are showing declines of over 7.5% in the month''.
Staggering if true!!!!
Posted by andy h @ 01:15 AM (508 views) Add Comment
9 Comments
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1. Mikep said...
where where where? can't find the reference on the article
2. dohousescrashinthewoods said...
I can believe it: In the current climate of BTL panic selling, finance industries tanking (and set to lay off) and consumers crying into their credit cards over the price of bread, it seems plausible.
I can see the whole slanging match coming to blows by Christmas. Who was it that mentioned the "perfect storm"? Seems like all the props were pushed to the nth degree and have started failing like matchsticks.
I will be interested to see if this is true when the figures are released.
3. Andyh said...
You have to go to the comments section on the blog (not the article itself) and go down to comment 79 (3/4 down at the moment). I have know idea who the poster is but the info is presented in a manner which makes its seems real. I guess we'll see on Monday.
4. dbnazz1 said...
Soooo.
Monday could be an interesting day then. At present just rumours and there have been plenty of unfounded rumours in the past. The economy is already starting to
suffer from growing negative sentiment, but if the rumour turns out to be true.....................this could be one negative piece of news to many.
5. voiceofreason said...
Northern Rock being the numebr 1 item on the news has finally opened the eyes of my colleagues to what HPC bloggers have been watching for 2 - 3 years.
I gave a mini lecture just now on CDOs, credit default swaps, securitization of mortgages.
This could be the time that Joe Public finally gets the picture, ther real picture of why house prices have gone up.
Namely insanely cheap credit.
6. dugmug said...
Dissillusioned managed to find and post the RightMove report here on HPC yesterday at about 6pm - see http://www.rightmove.co.uk/pdf/p/hpi/press/HousePriceIndex17September2007_0471.pdf
No need to wait until Monday Andyh and Dohousescrash...it's as "true" as RightMove reports ever are! :-)
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