Tuesday, May 27, 2008
Boom. Boom. Boom.Boom. The house price crash is coming.
The Times: US house prices in sharpest fall for 20 years
American house prices are collapsing almost five times as quickly as during the last US recession in 1991, with losses expected to double before any recovery begins, new data showed today.
Residential property values fell 14.4 per cent over the first quarter of 2008 compared with the same three months the year before, according to the S&P/Case-Shiller US house price index. The decline marks the worst performance since the index began twenty years ago.
In March alone, some cities such as Las Vegas suffered a 4.4 per cent drop in real estate values, while homes in Miami fell 4.5 per cent. Over the year as a whole, Las Vegas homes have lost 25.9 per cent of their value.
Posted by cheekie charlie @ 08:45 PM (275 views) Add Comment
3 Comments
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1. An Bearin Bui said...
As they rose, so shall they fall! If prices boomed on the way up, they'll crash on the way down - what is so difficult for the media to understand about that? The states in the US that saw the craziest rises in price (Nevada, California, Florida are now the ones that are seeing the biggest drops. Places like Boston and New York are relatively stable on the other hand as they were always expensive places and can offer good, well-paid employment (that's not to say that they won't fall too though, maybe just not so sharply and quickly).
2. mark said...
i am currently on holiday in the states and all people can talk about is high fuel prices and crashing house prices... things are not good here even in las vegas... empty shops, sales, despo sales people, limited stocks due to not wanting to stock too much...
it is worse than bad here...
3. landofconfusion said...
It's slightly different where I am in the UK. People are talking about fuel prices but don't like talking about house prices. In fact one of my colleagues has bluntly told me to stop talking about it while he's around. It seems that decreasing equity = loss of MEW'ing ability = major problems (at least for him).
And his wife's an accountant. Oh dear...