Wednesday, Jun 03, 2009
Learn BEFORE you leap.
Money Week: What we can learn from the last housing crash
The housing crash is not over, although prices have dropped 25%+ so far, houses are currently STILL more unaffordable than any time in last 100 years. We will still have a crash the size of the 80's on top of recent falls, to reach back down to long-term affordibility trends. And who says our economy in the medium-long term can sustain even those levels?!!
Posted by c'mon correction @ 12:38 PM (567 views) Add Comment
4 Comments
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1. mander said...
Yes VL shape recovery we are talking about here. We are now in the denial period of the bubble psychology. But hey Americans already admit that house prices will never go back. UK is a few months behind.
2. Chris said...
'Policy-makers may find themselves in the ugly dilemma of choosing between saving the currency or the housing market. It may be that only the collapse of the former can save the latter'
Since the UK economy appears to be a giant ponzi scheme based around inflating house prices (because there is very little else left) I would have thought it's obvious that they will trash the currency.
3. bidin'matime said...
this article sums it all up very well.
4. nickolarge said...
There is plenty of historical evidence regarding false dawns in most previous crashes in all kinds of markets.
I form the opinion that the current rises fall firmly in that category based on nothing more than the way most people I know are talking when it comes to their jobs or businesses. The talk is not of an upturn. The lack of jobs and customers factor has not even kicked in yet as far as house prices are concerned. Stage one of this crash was nearly all about a change of 'sentiment' and the withdrawal of easy credit.