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eric pebble

Independent: Julian Knight: So House Prices Are Up? Well, Not In The Real World

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Julian Knight: So house prices are up? Well, not in the real world

"Yet again last week my inbox was full of emails from estate agents (usually London-based) crowing that the housing market has "turned the corner" – all off the back of the latest figures from Nationwide showing that prices actually rose during the last quarter.

Now, quarterly figures do matter – unlike monthly ones which are too prone to seasonal and one-off distortions – and, yes, there seems to be some sort of equilibrium returning after the biggest falls since house prices were properly collated in the early 1980s. But of more significance to me is that the total number of sales is still only around half the level you'd expect to see in even a modestly rising market."

All here - http://www.independent.co.uk/money/spend-s...ld-1766020.html

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Julian Knight: So house prices are up? Well, not in the real world

"Yet again last week my inbox was full of emails from estate agents (usually London-based) crowing that the housing market has "turned the corner"

All here - http://www.independent.co.uk/money/spend-s...ld-1766020.html

Now that is interesting, proof that, as I suspected, estate agents are spamming journalists email accounts as well as trolling forums such as this one :rolleyes:.

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Julian Knight: So house prices are up? Well, not in the real world

Now, quarterly figures do matter – unlike monthly ones which are too prone to seasonal and one-off distortions – and, yes, there seems to be some sort of equilibrium returning after the biggest falls since house prices were properly collated in the early 1980s. But of more significance to me is that the total number of sales is still only around half the level you'd expect to see in even a modestly rising market."[/i]

All here - http://www.independent.co.uk/money/spend-s...ld-1766020.html

US banks are bidding on own foreclosures. I see no reason why UK banks aren't doing the same with own repos. This would explain 1/ Haliwide bullishness vs LR/FT/DCLG bearishness and 2/ low sales volume - banks cannot write nonexistent fictitious mortgages on a massive scale anymore

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Read it and weep Eric.

You're a broken man.

http://www.kentishgazette.co.uk/kentonline...t_recovers.aspx

Come on Sibley this is weak.

"Interest from potential home buyers in Kent is on the up, sparking speculation the housing market is beginning to improve.

In all 16 per cent of surveyors in the south east said they were expecting a rise in the number of buyer enquiries compared to 39 per cent reporting a fall last year.

Nationally the number of enquiries went up for the fifth consecutive month. Across the country nearly a third of chartered surveyors reported a rise in interest, compared to 21 per cent in February."

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No, it was 3.9% of NR customers are more than 3 months in arrears on their payments. Double the market average I think.

Edited: Note to self, do some checking! The average is 2.39%.

Edited by deflation

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Did Peston say on the news last night that 39% of NR mortgages are in NE ? i'm sure he did but was falling asleep at the time

Correct - The 39% referred to negative equity - BBC News - Northern Rock make hefty losses

"The proportion of Northern Rock customers whose properties are worth less than the amount they owe on their mortgages has risen to 39%, from 33% at the end of last year."

and goes onto say

This is partly because the bank spent much of last year trying to encourage borrowers to move to other banks. The borrowers most likely to have moved would have been those who owed a smaller proportion of the value of their property, as this would have enabled them to get a better deal elsewhere.

BBC News - Northern Rock make hefty losses

.

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