Thursday, May 29, 2008
Wheel out the experts!!!
BBC NEWS: Expert reaction to house price survey
Here is some of the reaction from experts to the survey.....................Ha Ha check out the JP Morgan Stooge
Posted by titaniccaptain @ 07:47 PM (852 views) Add Comment
12 Comments
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
1. dude said...
"SEEMA SHAH, CAPITAL ECONOMICS: The sheer size of the drop in house prices, without the economy having yet slowed significantly, suggests that this housing market correction will be deep and prolonged."
Their time has finally come -- they have been doom-sayers for the last three or four years, and this is a good point. If the economy goes tits-up and unemployment is affected, this slide will just get steeper. Weeee!
2. hpwatcher said...
''... it is still important to remember that the underlying factors that support the property market remain: low unemployment, historically low interest rates and a latent demand for houses...'''
Away with the faries or what?
This guy would call white black if there was a couple of grand in it for him.
3. dohousescrashinthewoods said...
I thought this was remarkably forthright from the NAEA:
"It is apparent from our own survey results that some people are adopting a wait and see attitude, watching the market, before making any decisions, which is affecting prices."
We are now seeing the kind of behaviour predicted by many here. I believe comments about "catching a falling knife" has been posted on more than one occasion..
4. Icarus said...
Again we get people (DCLG quote in the text) making a distinction betwee the credit crunch and the high interest rates we had in the past. By definition, you can obtain anything if you pay the going rate and I'm not sure of the difference between rationing of loans through a high interest rate and rationing them through a 'credit crunch'. There's no credit crunch for those able to pay today's interest rates, which after all (nominally at least) are lower than those of the early 90s. Or do they define the credit crunch (for housebuyers at least) as low LTV, where people could make mortgage payments but can't stump up deposits?
5. Jayk said...
Why is he a "stooge"? Do you even know what it means (your usage suggests not)?
Stop mocking and abusing those who have a view different from yours and stick to debate of the issues. Otherwise a paper will carry another article criticising the people on this site.
6. Bobby9983 said...
It still amazes me that you all can be celebrating what is happening when if it continues like this most of you will be out of a job and shortly very poor indeed.
7. bystander said...
"The Government and the Bank of England should continue to implement measures to restore the smooth functioning of the mortgage market, before the drop in transactions and prices begins to really hurt the economy."
..............RICS SH*T. In other words the government and the BoE should slash interest rates to ensure I keep my job, sod inflation or the plummeting pound.
8. cyril said...
@Bobby
People on this site are celebrating because their predictions have come true. The people who have only recently started posting on this site probably don't appreciate just how long some people have been expecting things to go pear shaped. It had to happen at some point, the sooner the better..
9. C'mon Correction said...
Bobby - unemployment will rise no doubt, and maybe a few of the posters on here will part of that percentage. But the fall in prices we're seeing and will continue to see will mean within a few years we can buy a house 30-40% cheaper than at the peak. Mortgage wise that will mean a saving of about a DECADE'S worth of salary! People who bought at the peak will have to work at least 10 years longer than we will for the same equivalent house that we'll buy in a few years at a much more realistic value and much more affordable loan/mortgage.
So we've got everything to celebrate.
10. dohousescrashinthewoods said...
@cyril - "the sooner the better"
Exactly. Half the tragedy is that it has taken so long.
The "unnecessarily deep and long recession" we have started is due to Gordon Brown's extended boom (economic profligacy) and insistence on ramping it "just a little longer 'till I can get the job".
The fact we've hit the buffers already, with minuscule interest rates, before things are even in full swing, is testament to just how far off the scale the engineered boom was. Like night follows day and Winter follows Summer, the depths of the bust will echo the heights of the boom.
If there had been any sense of "doing the right thing", this maness would have been stopped dead five years ago, but it seems "doing the right thing" wasn't high enough on the agenda.
11. titaniccaptain said...
@ Jayk
"A stooge is generally defined as a person that is under the control of another. Being called a stooge is not a form of praise. Stooge can also sometimes be used to mean "Idiot".
I think both definitions work in context and dont threaten free speech
12. letthemfall said...
I vote the Dept of Communities and Local Govt as the most stupid of the comments:
"It is important to remember that house prices are higher now than in the past, just as in the past they were lower. The current issue affecting the market is about the lack of money to pay inflated prices - a very different situation to the early 90s which was about the lack of money to pay inflated prices."
At least the bozo from the Dept will not be paid that much for his blatherings.