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North London Rent Girl

Bbc World Service - Terrific Crash Talk!

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It was on the World Service news before Radio 4 came back on.

Have found it on the site, the same report - go here link and click on 'listen to business bulletin'. Only thing is, it will probably have changed by the time you guys get to it. Hmm. If it's the same one it's at about 4 minutes. Have played it few times through and this is it absolutely word for word.

"House prices have been the talk of the US stock market on Friday. Here with his view of the day's trading is Bob Brusker of Fact and Opinion Economics:

BB: There was a big reaction to the home sales - new home sales surprisingly fell extremely sharply; we had a drop of 10.5% and median home prices on a nationwide level even fell year over year and so people are asking questions ... is this the housing bubble, is it finally bursting? There was a tremendous drop of 30% out in the West and on the back of that we've got a big increase in the bond market".

That was it - short but exceedingly sweet!! Happy weekend everybody!

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Sounds like the 30% was in transaction volumes.

Still it looks like the crash is well under way in the States.

Next prices will be falling, but once prices start falling and the tranactions rise, bingo!

It can't be very long now.

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But, but! median prices at a nationwide level falling year over year - that IS house prices falling, isn't it?!

Edit: I mean, I see what you mean about the 30% - it's not clear whether he's referring to new home sales or prices, you're right, it's not. Note, though, the lack of pussyfooting around with his use of the word 'bubble' - they're waiting for it to pop and beginning not to care who knows it.

Edited by North London Rent Girl

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My mate is haveing huge trouble selling his house as vendors keep pulling out and to be honest the price he is asking in today’s market is quite competitive I thinks.

Told him not to chase the market down but to take the hit now

If house can go up 20% pa then they sure as hell can fail at the same rate

Edited by Justice

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My mate is haveing huge trouble selling his house as vendors keep pulling out and to be honest the price he is asking in today’s market is quite competitive I thinks.

Told him not to chase the market down but to take the hit now

If house can go up 20% pa then they sure as hell can fail at the same rate

It's just weird - all this VI spin about how market is glowing and prices going up! _ I know and know of so many people right accross the UK who just simply cannot sell their property! The only guy I know who recently did recently - he just slashed £50k off the price as recommended by the chinless EA - and the buyer negotiated another £12k off! But he sensibly sold - knowing that if he hadn't - he could be stuck in the place for the rest of time!!

It is just a joke how the VI's tell us prices are "still going up" -- I mean - it's sick! Prices have slumped by as much as 20-25% in many many parts over the last 18+months - I have seen this for myself right accross the SW & SE of England..... People are just NOT able to stick a stupid "£499k" on there 3 bed slum anymore like they did momentarily in summer 2004 - they have got to stick it on for more like £290--325k now...... The figures are all just fiddled --- the LAST price paid for many of these places was 190-230k -- and many of them NEVER got "£499k" -- they just sat there unsold...... and they've still got another £80-100k DOWN to go!

Edited by eric pebble

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Guest Charlie The Tramp

It's just weird - all this VI spin about how market is glowing and prices going up! _ I know and know of so many people right accross the UK who just simply cannot sell their property!

Maybe this quote from surveyor`s post gives the answer. ;)

One agent said their applicant list has doubled in the past 6 weeks. Another said there are lots of ftbs letting out a room and many strs returning to the market. Also people fed up renting.

I said I couldn't understand the upturn this year, but they said the media influence was pushing people to jump. OK, Putney is a popular area and a high value one too, but I'm at a loss to explain this surge. At the same time, I'm doing a repo every other day. Answers on a postcard please..

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It's just weird - all this VI spin about how market is glowing and prices going up! _ I know and know of so many people right accross the UK who just simply cannot sell their property! The only guy I know who recently did recently - he just slashed £50k off the price as recommended by the chinless EA - and the buyer negotiated another £12k off! But he sensibly sold - knowing that if he hadn't - he could be stuck in the place for the rest of time!!

It is just a joke how the VI's tell us prices are "still going up" -- I mean - it's sick! Prices have slumped by as much as 20-25% in many many parts over the last 18+months - I have seen this for myself right accross the SW & SE of England..... People are just NOT able to stick a stupid "£499k" on there 3 bed slum anymore like they did momentarily in summer 2004 - they have got to stick it on for more like £290--325k now...... The figures are all just fiddled --- the LAST price paid for many of these places was 190-230k -- and many of them NEVER got "£499k" -- they just sat there unsold...... and they've still got another £80-100k DOWN to go!

.......and this is just ONE example of what I'm talking about!!! - http://www.housepricecrash.co.uk/forum/ind...=0entry333272

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Where'd everyone go? Real estate agent Mark R. Gregory is holding an open house to sell a nearly new three-bedroom on a corner lot, and it's as if the Earth had been emptied.

Last year, this Central Valley city enjoyed the state's hottest real estate market. Sure, things have slowed since then, but Gregory possesses a salesman's indestructible optimism.

He put a sign on the lawn, a note on the Internet, an ad in the paper. He's hoping for investors from the coast, marveling at how much house you can buy here for $359,000. Or local couples looking to move up into something nicer. Or San Francisco Bay Area workers who plan to make the long commute.

Three hours quietly pass. At 4 p.m., the agent pulls up the sign and locks the door. Total visitors: zero.

"It's like everyone got together and said, 'Let's not buy for a while,' " Gregory says.

After five increasingly wild years, the great real estate boom is coming to a close. The Commerce Department emphatically underlined that point Friday when it reported that sales of new homes plunged 10.5 percent in February, about five times the drop analysts predicted.

In places such as Los Angeles, which have diverse economies, the consequences could be mild. But in other communities, where prices long ago became untethered from reality and real estate became the economy, it might be much more turbulent.

http://firstrung.co.uk/articles.asp?pageid...articlekey=1562

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But, but! median prices at a nationwide level falling year over year - that IS house prices falling, isn't it?!

Edit: I mean, I see what you mean about the 30% - it's not clear whether he's referring to new home sales or prices, you're right, it's not. Note, though, the lack of pussyfooting around with his use of the word 'bubble' - they're waiting for it to pop and beginning not to care who knows it.

It's a drop in sales, both the 10% and the 30% for the west. I know from another report.

However the price of new homes is down something like 5.5% over the past 4 months. I will have to try to find a link for you guys.

Now where did I read that...

Here it is.

http://abcnews.go.com/Business/story?id=1764110

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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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