Wednesday, Feb 13, 2008
Goldman Sachs says US house prices may fall by as much as 25pc from peak to trough
The Telegraph: US credit crisis escalates as defaults spread
US house prices have fallen by 7.7pc over the past year, according to the Case-Shiller index of the 20 biggest cities. The slide is likely to gather pace as 2.2m mortgages taken out at the height of the credit bubble adjust upwards by 250-300 basis points. Goldman Sachs says house prices may fall by as much as 25pc from peak to trough - creating the worst slump since the Great Depression.
Posted by sold 2 rent 1 @ 09:35 AM (246 views) Add Comment
3 Comments
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1. Orwell said...
25%? And the rest!
2. afrobaggie said...
This quarter?
3. lvmreader said...
The label "subprime" is just that. A label. And an especially bad one.
What we face here is a mispricing of risk. Period. Especially to those who are "over-levered"
The idea that "unemployed black men in string vests sitting on a porch in Alabama" are the root cause of this is nonsense. That segment of the market was always dwarfed by the so-called "middle classes with good-credit" who just wanted that bigger house, better car, more exclusive holiday and more nights out at restaurants.