Sunday, Dec 30, 2007
US Says: UK house prices are crashing
The Intellgence Daily: Brittania: Feed Us!
In my travels around the Hinternet, I spotted this one. Pretty stark article. A couple of main points:
1) Britain is actually bankrupt
2) UK house prices are crashing
3) Debt problem figures already as high as 1995
Interesting when someone outside the political (BBC) and media empires (Murdoch's Sky+Fox) is writing the story.
Posted by dohousescrashinthewoods @ 09:59 PM (716 views) Add Comment
7 Comments
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1. dohousescrashinthewoods said...
A couple of corkers from the same site:
[US] Home Sales Plunge, Feed Recession Fears: http://www.inteldaily.com/?c=139&a=4680
U.S. Physical Economy Shows More Signs of Collapse: http://www.inteldaily.com/?c=139&a=4679
2. crash bandicoot said...
This is hardly a surprise. A 5x mortgage was never going to be affordable, no matter what those nice men at Northern Rock said. When you have to hang on every 0.25% shift in interest rates and both of you need to keep the cash rolling in, you are living on a knife edge. Sadly there will be more to come as it all unwinds.
3. Nmarks said...
This says it all . . . "Britain is actually bankrupt"
4. Nmarks said...
Shame they spelt Britannia incorrectly.
5. Chip said...
Per Crash's comment, Americans are pelted with comments from Europe and the UK that it's different there. But unless the tax breaks are vastly more generous than in the US, how can that be so? 5X income is just too much debt, just as 3,000 calories per day is just too much food for non-athletes, no matter where it's consumed.
6. Orwell said...
Before making any judgement, ask yourself who the author of the article is? Not mainstream?
7. James said...
When they learn to spell "Britannia" right, or understand that debt being greater than GDP does not equal bankruptcy, I'll take that website seriously.
In a way, I'm heartened by this. If even loons like this website (see the poll on their front page and its results) know that something's amiss, then house prices are headed down only.