Tuesday, Oct 23, 2007
You guessed it: Housing is in there!
BBC News: Q&A: What's troubling the markets?
Housing and credit worries have beset the markets for most of the year and the outlook for 2008 is increasingly uncertain... The main fear is that weakness in the US housing market is now spreading to other areas of the economy... The housing market now faces an OVERSUPPLY of properties and acute problems in the sub-prime lending sector, where many low-income borrowers have defaulted on their payments because of high interest rates [sound familiar?]... The old saying, that "when the US sneezes, the rest of the world catches a cold", applies more than ever these days. In the globalised economy, the ripples from a downturn in the world's largest economy will be felt far and wide... The US's main trading partners are all LIKELY to be affected.
2 Comments
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1. dohousescrashinthewoods said...
The masters have turned. When the BEEB starts winding up the public communication engine, you know that someone is preparing a change course - and I don't sense the Broonster is at the wheel.
My gut feel is that he will be shooed from office with his tail between his legs by an angry public egged on by an orchestrated media.
2. Another Alan said...
I had a text message from a company selling new build apartments earlier today:
'Discounted Apartments at... reduced to £82k from £103k.'
I walk past these everyday, and they are still building more!
(I wanted to comment somewhere here, and jumped on the oversupply word!).