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We Are Now In Step With U S- H Pc Both Sides Of Atlantic

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Housing market suffers in UK, US
There was bad* news for home sellers on both sides of the Atlantic on Monday.
Housing market suffers in UK, US
UK home asking prices fell in July for the first time this year and will probably keep doing so for the remainder of 2010, Rightmove, the country's biggest property website, said in a statement.
Home sellers cut prices 0.6pc to an average of £236,332 pounds, the group reported. It expects prices to fall a further 7pc in the second half of 2010, wiping out gains for the year...../
In the US, homebuilder confidence fell to the lowest level since April 2009 on fears the expiration of a government tax credit will depress home construction for longer than anticipated.

The good old days are back when we followed everything that the US had going from an appreciation of Rock and Roll to good old fashioned house price collapses. Rock on cuzzes!

* Splendid news for buyers though.

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I'll take notice when we reach a house price to household income ratio of just above 2 - same as the US.

It will go there.... almost. I reckon we will see 2.2/3 and they will stick there for a couple of years before easing up to about 3.25. If there are then proper mortgage controls in place it should all hold good for the future.

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California June Home Sales
July 15, 2010
An estimated 43,964 new and resale houses and condos were sold statewide last month. That was up 7.3 percent from 40,965 in May, and down 0.5 percent from 44,167 for June 2009. California sales for the month of June have varied from a low of 35,202 in 2008 to a peak of 76,669 in 2004, while the average is 50,405. MDA DataQuick's statistics go back to 1988.
The median price paid for a home last month was $270,000, down 2.9 percent from $278,000 in May
, and up 9.8 percent from $246,000 for June a year ago. The year-over-year increase was the eighth in a row, following 27 months of year-over-year decline.
The bottom of the current cycle was $221,000 in April 2009, the peak was at $484,000 in early 2007.
Of the existing homes sold last month, 34.7 percent were properties that had been foreclosed on during the past year. That was down from a revised 35.4 percent in May and down from 45.6 percent in June a year ago. The all-time high was in February 2009 at 58.5 percent.
The typical mortgage payment that home buyers committed themselves to paying last month was $1,125. That was down from $1,183 in May, and the same as June 2009. Adjusted for inflation, last month's mortgage payment was 48.0 percent below the spring 1989 peak of the prior real estate cycle. It was 57.8 percent below the current cycle's peak in June 2006.
MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.
Indicators of market distress continue to move in different directions. Foreclosure activity has declined somewhat but remains high by historical standards. Financing with multiple mortgages is low, down payment sizes are stable, cash and non-owner occupied buying is above average, MDA DataQuick reported.

Envious? Patience, bears, patience.

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Housing market suffers in UK, US
There was bad* news for home sellers on both sides of the Atlantic on Monday.


* Splendid news for buyers though.

Sellers are usually buyers, so it balances out or even comes out in their favour, if they're upsizing.

It's only bad news if they're over-leveraged and/or if they were relying on their "equity" to fund something other than a house, e.g. their retirement.

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