Thursday, May 22, 2008
Estate agent shocker
BBC Peston's Picks: Estate agent shocker
I'm presuming Robert is a "doom-sayer" bear ...
"Britain's largest estate agent, Countrywide, has toggled.
...
If it weren't for the way that Apollo screwed this mind-boggling deal out of the lenders - if Countrywide hadn't been able to suspend cash-interest payments and borrow to pay interest - the prospects for this business and their jobs would be a good deal worse (though in view of the mess in their market, that's probably not a reason to be too cheerful)."
Posted by doomwatch @ 02:27 PM (717 views) Add Comment
4 Comments
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1. letthemfall said...
Now we know what became of Peter Pan and the lost boys. They went to work for the banks. Children often ask why can't everything be free. Now we know that it can. And soon a lot of people will find out that it can't.
2. Rm96696 said...
This seems consistent with the idea that a whole country (the u.k.) can become rich just by swapping houses at ever higher prices.
3. dbnazz1 said...
The lenders, who agreed to such crazy terms, must be high priests in the ancient art of vodoo economics.
4. it_is_going_with_a_bang said...
"even if the housing market remains flat for as long as that (which he says he doesn't expect)."
This is no doubt coming from someone who 12 months ago would have said in 12 months prices will be up and up and sales up and up ....
Seriously doubt he has any idea of the next 12 months let alone 3 years.
"expectation" hmmmmm sounds like the 'thing' that was holding the housing market up to me.....