Wednesday, Dec 12, 2007
just as BOE+Fed etc give more cheap money in auctions
CNN: Subprime creep: From city to burbs
It is clear now, the light has popped up above their heads!!!..lol
They think dishing out more money will help these people, now what is interesting is that people in this article are well educated and still getting into debt!! This just proves people cannot really afford the inflated houseprices, the same goes for the UK..
If they keep giving out more money this situation will fall into a world recession...
Posted by mark @ 05:02 PM (210 views) Add Comment
1 Comment
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1. drewster said...
"Simple geographical progression is also to blame"
In Cleveland, Ohio, falling prices and repossessions started in the poorer areas first (where a lot of the sub-prime lending took place). This spread geographically - if the value of the next house, the next street, or the next neighbourhood falls, then your house / street / neighbourhood will fall shortly after.
This is exactly the opposite of what happened on the way up - property prices "rippled out" from London. Presumably this means we can expect to see "ripple back" from the north to the southeast and to London. I think the figures already show this - places like Manchester have been static or falling for a while now.