Sunday, Jan 18, 2009
Foreclosure problems start to hit Dubai and Abu Dhabi
The National: Spectre of foreclosure hits home
“Today, negative equity and repossessions are becoming increasingly part of the business language. An alarming number of home owners are falling behind on their payments; some are estimating as many as 40 per cent.”
Posted by brickormortis @ 03:16 AM (303 views) Add Comment
2 Comments
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1. troy said...
9. Because of the tremendous cut in revenue to the Arab states (75%.) Dubai will become a “wasteland.” Already they have suspended all construction on major buildings in Dubai. “There will be no change in the future. “
10. All of the Arab states are sliding into a depression. Their budget planning is based upon $80.00 oil, so they are cutting their expenditures dramatically—-especially infrastructure and public works.
11. In addition to no longer buying our treasury debt, the Arab/OPEC states are now actively selling what treasury debt they hold. This is also occurring throughout Asia, especially China. This of course amounts to Trillions of dollars of Treasury debt etc. (My Note: if the Fed is now monitizing these debt instruments, which they must surely do since they are the buyer of last resort, this will also be highly inflationary.) The Arabs/OPEC/Asia are converting their dollars and dollar denominated assets to gold and other hard assets.
(Lindsay Williams)
2. fjcruiser said...
Where are all these facts coming from troy ?
Dubai with oil at $35 becoming a wasteland ?
Budget planning based on oil at $80 ?
Arab states,OPEC and Asia converting their dollars and buying gold ?
There are no public stats in arab countries, the sovereign wealth fund do not disclose their wealth or their buying strategies.