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Realistbear

Our Twinned Market In The U S Is Tanking

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http://www.signonsandiego.com/news/busines...5-bn13home.html

By Roger M. Showley

UNION-TRIBUNE STAFF WRITER

11:45 a.m. June 13, 2006

SAN DIEGO –
San Diego County's home prices took their biggest tumble for any spring on record last month,
DataQuick Information Systems reported Tuesday.
The median price of all homes sold in May was $490,000, down $15,000 from April, although it was still slightly higher than a year ago.
Sales slowed for the 23rd straight month on a year-over-year basis, reaching 4,217 transactions in new and existing homes and condos.
Local real estate agents reported about seven months' worth of unsold inventory, but argued that the pace of activity reflects a normal market rather than a crash.
Leslie Appleton-Young, chief economist for the California Association of Realtors, said she no longer uses the term “soft landing” to describe the state of the housing market, but has yet to found a way to characterize current conditions.
“I'm searching for a new moniker,” she said. She and other industry leaders have rejected analogies like a “housing bubble” prone to popping.

San Diego is where I used to live for many years from 1972 when I moved there with my parents and off and on to 2005. I have seen three crashes in that time and bought and sold during the Great Crash of 1989-96. San Diego is almost an exact mirror of the UK market with very similar HPI with almost identical affordability problems with only 8% of FTBs able to afford a house. The Great Crash began and ended about the same time as the UK and saw broadly similar drops up to about 40% in some areas. This time, they are about 6 months ahead of us--just as they were in the Great Crash.

San Diego has been relying on IO and other creative type loans for about 3 years. MEW has been rampant for new cars, holidays and to pay property taxes. Just like us. Now its going pearshaped and in a few months we will too.

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Britain tends to do what America does anyway!!!

Tony Bush and George Blair are in harmony.

If their having a crash, then I'm having a crash!!!!

TB

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Leslie Appleton-Young, chief economist for the California Association of Realtors, said she no longer uses the term “soft landing” to describe the state of the housing market, but has yet to found a way to characterize current conditions.

:lol::lol::lol:

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Leslie Appleton-Young, chief economist for the California Association of Realtors, said she no longer uses the term “soft landing” to describe the state of the housing market, but has yet to found a way to characterize current conditions.

“I'm searching for a new moniker,” she said.

How about Cumulative Re-alignment All SD Houses. Then initially only those in the know will really understand what you initially meant.

Edited by Veritas

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Leslie Appleton-Young, chief economist for the California Association of Realtors, said she no longer uses the term “soft landing” to describe the state of the housing market, but has yet to found a way to characterize current conditions.

“I'm searching for a new moniker,” she said. She and other industry leaders have rejected analogies like a “housing bubble” prone to popping.

It may not surprise you to learn the US blogs have had a field day with this one.

I like "SP" on patrick.net's proposed new moniker. (S)He thinks it comes from the USAF.

"Uncontrolled descent into terrain"

:lol::lol::lol:

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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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