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The median price of single-family homes sold in June was $140,000 — the same as May. That’s the first time there wasn’t a decrease in prices since August 2007 when they rose 1.7 percent.

Prices have fallen 38 percent since June 2008 and 55 percent since the peak of $315,000 in June 2006.

Any reason why prices won't fall 38% here. Or even 55%?

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We follow California, or so it goes. Theyre down 52% or 57% depending on the index. Guess theyre about 18 months ahead of us, and repos take longer here, but 2012 or so i reckon we'll be >50% down.

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Vegas's economy is currently in free-fall. Visitors have dropped off, compared to the height of the boom. Thousands of hotel rooms are laying empty each day & large construction projects there have stopped.

Edited by zagreb78

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There is a different between the UK and the US

The UK has tougher planning

Property is Built in higher quanties in the states

US Property Devalues as it gets older

You can walk away from negative equity in the states, if the house is worth less then you paid they your debt free and the bank has the debt, this means prices can and do fall faster, as property becomes worthless and entire streets empty of people (look at detroit, worthless property even at the hieght of the boom, and ok older florida property for £5K+ today)

Las Vegas, Cali, florida etc had massive BTL/investment booms/second homes dwafing the UK in % terms all of which could never be paid for

Edited by moosetea

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There is a different between the UK and the US

The UK has tougher planning

1. Property is Built in higher quanties in the states

US Property Devalues as it gets older

You can walk away from negative equity in the states, if the house is worth less then you paid they your debt free and the bank has the debt, this means prices can and do fall faster, as property becomes worthless and entire streets empty of people (look at detroit, worthless property even at the hieght of the boom, and ok older florida property for £5K+ today)

2. Las Vegas, Cali, florida etc had massive BTL/investment booms/second homes dwafing the UK in % terms all of which could never be paid for

1. Have you got data for this, the data I have seen is the US did build more houses per capita but not hugely different.

2. Data for this would also be great.

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1. Have you got data for this, the data I have seen is the US did build more houses per capita but not hugely different.

2. Data for this would also be great.

Comparing US and Uk new build quantities..

http://www.census.gov/const/www/newresconstindex.html

2100000 million Units per Year at peak

306,873,317 People

1 Property Built per year for every 146 people in the US population

Stats on Uk Stats website, but I cant find the exact figures but please validate this for me...

200,000 per year at peak

60,943,912 People

1 property Built each year for every 300 people in the UK population

the USA was builiding at twice the rate of the UK in the boom, and after the crash in 2008 new builds slumped by half in USA. The USA is still building at the UK boom rate, after the crash. IMHO I dont have the stats to hand but ireland and spain are even worse than the USA. I remember from when I last did the calculation , if ireland and spain had continued building at the boom rate they would have had both had more than 1 property per person within 10 years...

Sorry still trying to hold a bull argument based on stats to balance things a bit :P

Edited by moosetea

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