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The Masked Tulip

Housing Panic - There Goes The Neighborhood

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I quite like the fictional Senate hearing from 2008 abuot halfway down the homepage:

The senate hearings on the real estate industrial complex's role in the nation's continuing housing bubble meltdown resumed today, after yesterday's stunning election victory by pro-reform candidate Evan Bayh over Vice President Rice, and in the midst of America's financial meltdown.

Commerce Committee co-chair Dan Inouye recapped in his closing remarks how the various pieces of the home buying process linked together in a corrupt way, with "tips" or promises of future business being given by corrupt real estate agents to corrupt real estate appraisers. This then followed up by corrupt mortgage agents who fudge paperwork in order to insure their clients qualify for loans above their means to pay. And finally these loans were purchased by the corrupt and now imprisoned officials at Freddie and Fannie.

"What we see in this cycle of corruption is a consumer, in many cases the most financially unsophisticated and financially challenged among us, having vultures of corruption circling around him as he shopped for a home that this group new was historically overpriced, but who were more interested in their commission than on the integrity of the market and the well being of this consumer" said Mr. Inouye.


If history is a guide, Power says, property prices can halve in four years.


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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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