Us Media Reporting Falling Market

[Offshore Joe]

I was watching Sky News early this morning (I'm working in Africa at moment - so it may be some kind of "Internationalised" version of Sky).

They had a brief report from USA - the piece was filmed in Virginia and showed a lady trying to sell a $1,000,000 house that was falling (rapidily) in price, streets with dozens of "For Sale" boards, multiple agents signs and a short interview with an estate agent saying how tough times are.

The US media seem to be getting their teeth into the story now.

Wonder if Sky will repeat this piece in UK Prime Time?

[Shamus]

Why is it that the US media are more expecting of a HPC? The ongoing rises in interest rates must be having a strong effect on the public who don't seem to be protected by it through VI spin from the media!

Seem's like our lot over here think we can keep this ball rolling a lot longer - maybe in time for them (the VI's) to sell up and make a killing before joe public realises anything!!

[Realistbear]

I have friends on the West Coast (San Diego--the US biggest bubble market) and they are trying to sell their Condo. They have tried to sell for $450,000 and are now down to $350,000 and still no offers.

$450,000 was the broad average for a 2 bedroom condo along the coastal corridor. Seems that the crash is under way on the west coast as well as East. American markets collapse very quickly when they start to go, we in the UK are just witnessing a slow crumbling of the foundation. Once critical mass is reached the dam will burst and the long awaited HPC will be here!