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More Crasssssssssshhh News From The U S

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"Boston Globe describes anything but a soft landing. Sellers, long accustomed to seeing their homes snapped up within weeks, if not days, whatever the asking price, are now watching their properties languish for months. They're even beginning to cut prices, by as much as 20% in places like picturesque Hopkinton, where they start the Boston Marathon."
"major increases in mortgage foreclosures in the same area, as much as 50% in some places. The culprit here? Well, one scapegoat offered up the popularity of "option" or "interest-only" adjustable rate mortgage (ARM) loans that far too often encourage people to buy homes they really can't afford, "

Some truly wonderful news for those priced out in the USA. The kinds of headlines that apply to the UK no doubt but who is going to print them? Hometrack say we dropped 1.6% in 2005 yet all I see are prices dropping from 10-20% around my area (West Midlands) or sticking for over a year and still unsold. A neighbour accross the road from me has had a "SOLD" (stc) sign up for 6 months and this pretty well sums the state of the market up. Hardly a 1.6% fall IMHO.

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What concerns me is every other country appears to have started the correction in prices. Yet apart from the first six months of this year prices in South-Wales have appear to have stabilised.

In Britain people still believe that prices are going to go up. If sentiment is the key or final turning point before a crash then we still have a long road to travel.

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Increasing SUPPLY in the US


The huge increases in inventory probably explains this dramatic headline:


New Home Sales Plunge in Nov. by Biggest Amount in Nearly 12 Years;

The worst new home sales since the Great Crash of the early 90's.

Edited by Realistbear

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  • 341 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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