Wednesday, Sep 17, 2008
"Debt Crunch" far from over!
Chicago Tribune: Jump in London rate to hit U.S. housing
The biggest jump in the London interbank lending rate in at least seven years could wreak further havoc on the U.S. housing market, and there's nothing the Federal Reserve can do about it. "U.S. home prices probably will tumble through 2010, Freddie Mac said in a forecast Monday." "If the Libor market seizes up and stays that way, it's going to complicate everything," said Bill Fleckenstein, president of Fleckenstein Capital in Seattle. "What you are seeing is the unwinding of the financial system as we know it."
Posted by stevie dee @ 08:32 AM (171 views) Add Comment
1 Comment
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1. inbreda said...
A Sceptic homeowner who beleives that prices will fall thru 2010 will be seriously considering handing the keys back in now. Do it now and the mortgage debt gets wiped. Live rent free while the inundated bank deals with foreclosures. Save as much money as possible. Buy the property back at auction outright. No mortgage. Save yourself 25 years of repayments. I think it might be worth moving to USA to buy up whole towns in a couple of years. If only their accents weren't so damn irritating.