Friday, May 23, 2008
Relentless Pressure
Bloomberg: U.S. Home Resales Decline, Inventories Jump
Sales of previously owned homes in the U.S. fell in April and the supply of unsold properties reached a record, signaling no let-up in the 27-month housing slump.
Posted by alan @ 07:09 PM (333 views) Add Comment
3 Comments
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1. little professor said...
Dow has plummeted this week - between this news and the oil prices, consumers in the US are being crucified.
2. Dbc Reed said...
Shows that all the pretentious nonsense about American mortgage-based commercial paper is less significant than the fact that they built too many houses.American business is so sensitive to supply and demand? There was n't any real ,effective demand in the US. In the UK there is a demand for houses( especially at US price levels roughly half ours).But for the moment UK price levels have been saved from a major plunge , precisely because UK developers have not overbuilt, have,in fact, rationed supply to keep prices up (as the RTPI has alleged). Brown has not so far had a HPCrash because his previous attempts to get more houses built have failed.This failure is his greatest success.
3. uncle tom said...
I'm beginning to suspect that the UK crash will be significantly different (and worse) than the US one. I'm looking forward to seeing the next Case Shiller report on the US market - there's a hint that the US property market is slumping rather than crashing, and that the pace of price decline may now be easing.
The downturn in the UK meanwhile is looking much more savage.
Still early days yet though...