Jump to content
House Price Crash Forum
Sign in to follow this  
Frank Hovis

Us House Market Collapsing

Recommended Posts

R4 Now

Rate of decline accelerating. Never had crash before.

Skips dutifully around UK house prices without a mention though. Are they all wired up to the mains during interviews?

Intrerviewee Steven Bell

Share this post


Link to post
Share on other sites
R4 Now

Rate of decline accelerating. Never had crash before.

Skips dutifully around UK house prices without a mention though. Are they all wired up to the mains during interviews?

Intrerviewee Steven Bell

I lived in the US off and on from the late 60's to the early 2000's. I experienced 2 crashes where house prices dropped by more than 20%. I remember the Great Crash of '89 well. In California houses dropped by an average of 30% during the 7 years of troubles.

This time its different. The entire country had a bubble and the entire country is dropping--although not by much outside the "hot zones" (CA, AZ, FL, CO). According to the latest report from DATAQUICK, prices are down 19.2% YoY in California in year one of the crash proper. They are going down 50-60%. And we will follow them. We always do.*

This is the Big One for house prices globally. Credit markets are interconnected, economies are global and contagion is a given. HOuse prices are already down in the UK by at least 10% YoY its just that the VI reports mask the drops.

_______________________

* http://www.housepricecrash.co.uk/forum/ind...ost&id=4113

Share this post


Link to post
Share on other sites
R4 Now

Rate of decline accelerating. Never had crash before.

Skips dutifully around UK house prices without a mention though. Are they all wired up to the mains during interviews?

Intrerviewee Steven Bell

It is PATHETIC how they cling on to the notion that all is fair and well with the UK "housing market"...... sorry the UK Pyramid Selling Scam... They are in for a rude shock very soon now. I wonder how many of those BBC apparatchiks have BTL "portfolios"....

Share this post


Link to post
Share on other sites
It is PATHETIC how they cling on to the notion that all is fair and well with the UK "housing market"...... sorry the UK Pyramid Selling Scam... They are in for a rude shock very soon now. I wonder how many of those BBC apparatchiks have BTL "portfolios"....

Indeed Eric.

I was shouting at the radio "Say CRASH SAY CRASH!!!" Always 'slowdown' or now DECLINE.

Useless BBC gits.

Share this post


Link to post
Share on other sites
Penter...

go back to your umbrella abuse and leave us all alone.

AWOOGA! I claim my £5.

That gave me a chance to revisit Bruno's vids... I particularly enjoyed 'I hate paying for sex' and Kirsty Alsop's** televised criticism of HPC. What the f*ck is 'The Nazi's in colour'.

** She get's very angry because she sees the existence of this site as 'insider trading' - STR's pushing for a market crash. Not drawing a parallel with her own career, and that of her husbands, must take considerable effort.

"Kirstie Mary Allsopp (born 31 August 1971 in Hampshire) is a British TV presenter best known for presenting Channel 4 property programmes Location, Location, Location, Relocation, Relocation, Location Revisited and The Property Chain.

Allsopp gave birth to a son, Bay Atlas Anderson on 29th July 2006, by her partner, property tycoon Ben Anderson. They are now expecting a second child."

Share this post


Link to post
Share on other sites

BBC journalists please note:

Falling by 16% in a year is not "slowing down", it is "crashing".

Falling by 16% in a year is not "slowing down", it is "crashing".

Falling by 16% in a year is not "slowing down", it is "crashing".

Falling by 16% in a year is not "slowing down", it is "crashing".

Falling by 16% in a year is not "slowing down", it is "crashing".

Falling by 16% in a year is not "slowing down", it is "crashing".

Falling by 16% in a year is not "slowing down", it is "crashing".

Falling by 16% in a year is not "slowing down", it is "crashing".

Share this post


Link to post
Share on other sites

http://finance.yahoo.com/real-estate/artic...yJnv8eHEa.7YWsA

How Home Prices Fared in 20 Markets in 2007
by Sheree Curry
Friday, March 14, 2008
provided by
National home prices fell 8.9% in the full-year 2007, according to figures released recently by the Standard & Poor's/Case-Shiller Home Price Index.
"Wherever you look things look bleak," says Robert J. Shiller, chief economist at MacroMarkets LLC, which recently sold its rights in the indices.
Of the top 20 markets tracked by the index, 17 of the metro areas reported annual price declines and the remaining three reporting flat or moderate growth rates. Also 14 of the metro areas are reported record lows and eight are in double-digit decline.
Here's a look at these markets:
Atlanta
Prices fell 3.4% year over year in Atlanta.
Boston
The median home price for Bean Town only dropped 1.9% in the fourth quarter to $380,700 from $388,000 a year prior.
Charlotte
Charlotte, Portland and Seattle are the only three MSAs still experiencing positive annual growth rates.
Chicago
The Chicago metro area had a modest median price decline of $261,000 in the fourth quarter from $268,100 a year prior.
Cleveland
Prices fell 6.3% in Cleveland.
Dallas
Dallas only had a modest price decline of 2.4%.
Denver
Homes prices fell 4.5% in the Denver metro area.
Detroit
Loss of jobs and a significant number of homes in foreclosure led to Detroit's 13.6% decline in home prices.
Las Vegas
Las Vegas and Phoenix are tied for second as the weakest markets with a 15.3% each in home price declines.
Los Angeles
Home prices fell 13.7% in Los Angeles.
Miami
Miami remains the weakest market, reporting a double-digit annual decline of 17.5%.
Minneapolis
The median sales price here dropped 4.9% to $217,200 from $228,300 and homes sit on the market for an average 165 days, up about 18 days from last January.
New York
Although home prices fell only 1.3% from November to December, overall prices in New York fell 5.6% year to year.
...../
San Diego
Home prices fell 15% in San Diego between December 2006 and December 2007. Only 31% of San Diego households can afford to buy a home here.
Seattle
Seattle is one of three MSAs that are still experiencing positive annual growth rates, but Seattle is just barely hanging on with a 0.5% price increase.
Tampa
Tampa home prices slipped 13.3%.

Mixed. Not all areas of the US are crashing, just the hot spots. Most of the US did not experinece a Brown-style miracle. Whereas the ENTIRE UK suffered from Brown's bubble.

Things are sometimes not quite as bad as they seem in the US.

Share this post


Link to post
Share on other sites

Had a friend visit early Feb who was over here from Minnesota on business in London. Very grim tale of life in the US at present. Surprise, surprise, the real picture is not really being reported by the British media!

Negative equity, banks withdrawing mortgage funding after buyers had purchased land etc. Crippling interest rates on second loans to cover deposits (WTF? :blink: ) Also, health insurance is now more expensive and the insurance companies are making it harder to claim back expenses.

He also made an interesting social comment about the state of most marriages in the US. Apparently a high percentage of US women are now walking out of the home and leaving hubby to take care of the kids saying they "need more freedom". I was shocked at the high percentage of single parent households that are now men raising the kids!

What kind of society are we heading for here?? :blink:

Share this post


Link to post
Share on other sites

The projection is for the Case Schiller to hit -17% by November.Looking at Ireland they are pretty much in the same boat at -7% and accelerating.Interestingly both indicies were showing around +2% a year ago,where we are at now.

New Star Asset Management were on R4 this morning and are predicting 4% Base Rate for the UK by this Summer.This can only mean they think we are going to follow the US and Ireland into meltdown.Nothing else could warrant a 125 basis point cut in what is now only weeks away and they appear to be making confident bets on it.

Share this post


Link to post
Share on other sites
He also made an interesting social comment about the state of most marriages in the US. Apparently a high percentage of US women are now walking out of the home and leaving hubby to take care of the kids saying they "need more freedom". I was shocked at the high percentage of single parent households that are now men raising the kids!

What kind of society are we heading for here?? :blink:

My understanding is that the default option in the US, when couples separate, is that the man has the kids (I think because he has the money); this is the opposite of the UK case, where the default is that the woman has the kids,

Peter.

Share this post


Link to post
Share on other sites
...banks withdrawing mortgage funding...

It's starting to happen here as well - pulling of new deals is just the tip of the iceberg.

People need to finance their entire projecte end-to-end rather than just buying land then refinancing to build something.

What kind of society are we heading for here?? :blink:

I'd propose that it will ultimately be a better one if housing becomes more affordable, although the road towards it will be unequally hard for various segments of the population.

Share this post


Link to post
Share on other sites
Indeed Eric.

I was shouting at the radio "Say CRASH SAY CRASH!!!" Always 'slowdown' or now DECLINE.

Useless BBC gits.

Is it crashing then? How much have prices gone down so far? less than 10% overall?

That is not a crash. That is a slowdown. The BBC are just not as sensationalist as you would like them to be, and personally, I wouldn't want them to be.

Share this post


Link to post
Share on other sites

According to the latest report from DATAQUICK, prices are down 19.2% YoY in California in year one of the crash proper. They are going down 50-60%. And we will follow them. We always do.*

_______________________

* http://www.housepricecrash.co.uk/forum/ind...ost&id=4113

That is one scary graph. I can hardly believe this is all really happening. I took a mate to the airport this week. He's emigrating to California to start his own businness. Either fantastically good or fantastically bad timing...

Share this post


Link to post
Share on other sites
According to the latest report from DATAQUICK, prices are down 19.2% YoY in California in year one of the crash proper. They are going down 50-60%. And we will follow them. We always do.*

_______________________

* http://www.housepricecrash.co.uk/forum/ind...ost&id=4113

That is one scary graph. I can hardly believe this is all really happening. I took a mate to the airport this week. He's emigrating to California to start his own businness. Either fantastically good or fantastically bad timing...

I noticed a post on another blog that you can now buy a house in San Diego for less than $100,000. There are currently about 50 properties listed on the realtor.com listings site for less than that amount. For the past 10 - 15 years, you couldn't buy a cardboard box anywhere in coastal California for anything under $200k. For prices to have reached this low this quickly is a huge turnaround. And it doesn't seem like the crash is slowing any time soon.

Share this post


Link to post
Share on other sites
I noticed a post on another blog that you can now buy a house in San Diego for less than $100,000. There are currently about 50 properties listed on the realtor.com listings site for less than that amount. For the past 10 - 15 years, you couldn't buy a cardboard box anywhere in coastal California for anything under $200k. For prices to have reached this low this quickly is a huge turnaround. And it doesn't seem like the crash is slowing any time soon.

I have lived in the San Diego area on and off since 1972 having last left in 2005 to live in this dump!

A local Realtor who I have a lot of respect for says that the market is so bad there now that $450k homes (2 years ago) are now being listed for $250k. That is almost at the 50-60% drop ;level that I warned them about when I was active on a US forum with lots of doom and gloom!

http://realtytimes.com/rtmcrcond/Californi...go~bobcasagrand

In one area that I looked at, homes that sold in the $400,000 to $450,000 range 2 years ago are now listed in the $250,000 range.

The bubble in San Diego was very similar to ours.* 300% HPI since the end of the Great Crash of 89-96, many 7 X income loans, plenty of SI and IO (a.k.a. subprime), huge number of BTL "investment" properties and a mother of a crash to follow.

___________________

* http://www.housepricecrash.co.uk/forum/ind...ost&id=4113

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 296 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.