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Nationwide: Potential Housing Collapse In London

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http://www.thisismoney.co.uk/mortgages/hou...p;in_page_id=57

Nationwide warns of house-prices danger

Nick "Nicholas" Goodway, Evening Standard

30 August 2007

House prices will suffer if financial markets do not recover from the turmoil created by the credit crunch relatively quickly, Britain's biggest building society warned today.
WANT TO KNOW MORE?House prices rise slowest for a year
Will subprime turmoil hit UK mortgages?
POLL: August's global credit crunch has sparked concern for the property market. What will happen to UK house prices from now to the end of 2007?
OTHER STORIES
House prices rise slowest for a year
No house price rise for most of UK
London falls 'could signal property slump'
Nationwide's is the first warning from a major mortgage lender in this country of a potential housing collapse in the capital.
Fionnuala Earley, its chief economist, said: 'The impact on London property prices can only be negative compared to the current situation - particularly at the top end.'

This is now the beginning of the end of Gordon's HPI-MEW-BTL "miracle." Sentiment has moved too far into negative territory now and there is no going back until the crash god has been fully appeased.

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http://www.thisismoney.co.uk/mortgages/hou...p;in_page_id=57

Nationwide warns of house-prices danger

Nick "Nicholas" Goodway, Evening Standard

30 August 2007

House prices will suffer if financial markets do not recover from the turmoil created by the credit crunch relatively quickly, Britain's biggest building society warned today.
WANT TO KNOW MORE?House prices rise slowest for a year
Will subprime turmoil hit UK mortgages?
POLL: August's global credit crunch has sparked concern for the property market. What will happen to UK house prices from now to the end of 2007?
OTHER STORIES
House prices rise slowest for a year
No house price rise for most of UK
London falls 'could signal property slump'
Nationwide's is the first warning from a major mortgage lender in this country of a potential housing collapse in the capital.
Fionnuala Earley, its chief economist, said: 'The impact on London property prices can only be negative compared to the current situation - particularly at the top end.'

This is now the beginning of the end of Gordon's HPI-MEW-BTL "miracle." Sentiment has moved too far into negative territory now and there is no going back until the crash god has been fully appeased.

The VIs are starting to waver....a wild thought occurs to me...maybe people like Fionnuala realise that not only is there credibility at stake, but also, they are trying to actively discourage more speculation as they know it will "break the bank" if there are mass defaulst and massive negative equity. By which I mean they are trying to limit the damage by slowing it all down now to avoid huge reposessions at valuations higher than what they will be able to sell for...all this on top of a credit crunch.

There are dark powers behind the scenes...suddenly, in one week, we have Fionnuala, the Sun and The ES becoming bearish. I believe the word has gone out from Broon, "slow this thing down it is going to popalot in our faces"

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The VIs are starting to waver....a wild thought occurs to me...maybe people like Fionnuala realise that not only is there credibility at stake, but also, they are trying to actively discourage more speculation as they know it will "break the bank" if there are mass defaulst and massive negative equity. By which I mean they are trying to limit the damage by slowing it all down now to avoid huge reposessions at valuations higher than what they will be able to sell for...all this on top of a credit crunch.

There are dark powers behind the scenes...suddenly, in one week, we have Fionnuala, the Sun and The ES becoming bearish. I believe the word has gone out from Broon, "slow this thing down it is going to popalot in our faces"

I think you may well be right. The VIs are so far out on a limb now and they know they cannot cover their bases in the wake of mass defaults. The September resets begin soon and they know what happened to the US market once resets got rolling. Better to try to slow it down before the market does it for them. IMO, all too little too late. Great Crash 2 has already started so we will have to let it finish.

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