Friday, Oct 05, 2007
The hammer drops
The Economist: America's property crisis
Michael Ciaravino, the mayor of Maple Heights, points out that only three houses have sold in the past two months, compared to a monthly total of between 15 and 50 a few years ago. Once prices halve, he reckons, the market will clear, new families will come in and his suburb will recover. The question, for Maple Heights and America, is how much damage is done in the meantime.
Posted by sold 2 rent 1 @ 10:34 AM (437 views) Add Comment
2 Comments
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1. Chilli said...
eeeeeeaaaaaaaauuuwwwwwww crreaaasssssshhhhhhhhhhhh!!!!!!!!!!!!
(Who's go the marsh-mallows)
2. David Smith's Sub Prime. . . said...
That's what have been saying ... I think a conservative 30% here. But then again who knows? The Evening Standard and ABN AMRO and others think the 'market' may be overinflated by 65%.
Oh dear oh dear...