Friday, Sep 04, 2009
Bears growl
Telegraph: Bears still growl at the Sanctum Sanctorum of the policy elites
House sales have bounced a little after falling 80pc from bubble peak but there is still such an overhang of unsold properties on the market that it would take a total shut-down of the US construction industry for a year to clear the excess.
House prices have already fallen 28pc. He expects another 12pc haircut, taking it to 40pc from peak to trough, enough to tip a very large proportion of all US mortgage holders into negative equity.
Posted by apophis @ 10:44 PM (148 views) Add Comment
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