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Too Soon To Talk About Recovery

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I love this guy (Patrick Collinson) :

Forget the 0.5% Bank of England base rate. Ignore those lucky mortgage holders who took out "tracker" loans that are now at 1% or so. The real rate for people taking out loans today is the same as it was at the peak of the housing bubble – around 6.5%.
So, we still have high house prices, high interest rates, high deposits, and no wholesale funding. Just what sort of base do the "optimists" think this forms for a "recovery"? I'm in the other camp of optimists – those who are optimistic that prices will stagnate or fall for years to come.

read on:





Recovery my @rse.


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They'll stagnate if people don't need to sell. However, many people do need to sell, and if they need to sell they have to sell at a price that people are willing and able to pay. It'll be like the early 90's.... the "average" house price won't seem to move that much, but there'll be houses on the market available for more than 50% off....

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