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Nationwide Jul -1.7% Mom, -8.1% Yoy

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still not much capitulation in the market. Wait until people start losing their jobs

Dont forget chaps, November will be the month to celibrate... October 2007 had a 2% out of the blue rise which is still to fall out of the yoy figures...

Meaning one thing... Unless prices start to decline massively, we will see double digit in time for christmas. Now, a few % here and there is one thing, everyone thinking, its not in my area, double digit is another matter. it dont take much for sellers to realise they have lost over 10% of the equity in under a year, with no sign of the crash bottoming.

Significant price drops by Easter 2009, just as recession hits...

Oh, another reason to celibrate, hit 43K savings today with a big monthly increase pay wise as I managed to pay off all my student debt last month!

Sweet! ;)

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Isn't -10% an accepted definition for a crash? One more month should do it before the Sun can announce it on our behalf.

I used the NW house price calculator yesterday but their 2008 Q3 figures are going to need some serious revision.

VMR.

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Dont forget chaps, November will be the month to celibrate... October 2007 had a 2% out of the blue rise which is still to fall out of the yoy figures...

it dont take much for sellers to realise they have lost over 10% of the equity in under a year, with no sign of the crash bottoming.

It'll be a lot more than 10% of their equity. 100% or more in many cases.

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.......But, if oil prices continue to fall and the MPC is satisfied that its inflation credentials are intact, the possibility of earlier rapid cuts in interest rates increases, which would be good news for borrowers.”

Straw, clutch....... :lol::lol::lol:

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Any mention on the BBC yet? Not heard it on R4 Tractor Production FM yet.

They mentioned it during the 7am headlines. Still describing it as "gloomy news from the housing market", but apart from that didn't seem to be spinning it particularly hard.

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it dont take much for sellers to realise they have lost over 10% of the equity in under a year, with no sign of the crash bottoming.

Only if they no mortgage.

Anyone that had 10% equity gets wiped out.

Even those with 50% equity gets 20% wiped off their net worth. (If their house is their only asset).

Isn't leverage great. Leverage on the way up, deleverage before it goes down => "Cleverage".

VMR.

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well, 1.7% a month is 18.6% annualised .......or 34% over 2 years .........which is huge !.....but i think the drops will slow down and it'll take 5 years to drop 40% beofre bumping along the bottom for another few years

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well, 1.7% a month is 18.6% annualised .......or 34% over 2 years .........which is huge !.....but i think the drops will slow down and it'll take 5 years to drop 40% beofre bumping along the bottom for another few years

still not much capitulation in the market. Wait until people start losing their jobs

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Yeah I assumed they had been delayed! Until i logged on here of course :P

Gits at the Beeb. Is HPC not news anymore? :angry:

5 Live slotted it in briefly - after spending an inordinate amount of time on ratings for computer games and whether tips should go to waiters or not........

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It'll be a lot more than 10% of their equity. 100% or more in many cases.

Who'd take out a 90% mortgage while prices are dropping faster than that annually? Everything is lined up to make sure the downward pressure on prices continues until they hit fair value compared to earnings.

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Guest KingCharles1st

And with 1 in 6 mortgaged properties likely to go into NEQ and therefore being of no continuing use to any sort of market movement or revival, that means that one in every six homes is now "dead," ie unsaleable- just like 1992..

This leaves us with the other 5 out of 6. Now my prediction is that apart from Natural wastage, death, divorce etc, no-one is going to budge, thus leaving us with a flat-lining housing market.

Thats- FLAT-LINING housing market....... ............... ................. ........... ........... ................................................................................

.............

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Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:

“The price of a typical house fell by 1.7% in July, bringing the annual fall to 8.1%. This brings the average price

to £169,316, almost £15,000 less than this time last year and its lowest level since August 2006. House prices

have now been falling for nine consecutive months, but on average are still almost £11,000 higher than three

years ago.

I love the continuing use of £xx,000 higher than £y years ago.

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well, 1.7% a month is 18.6% annualised .......or 34% over 2 years .........which is huge !.....but i think the drops will slow down and it'll take 5 years to drop 40% beofre bumping along the bottom for another few years

On target for my expected 20% drop by year end. The possibility of 30% remains alive at the current rate of decline and expected boost as the sad fact of unemployment kicks in as a reaction to collapsing consumer spending.

Its going to be one helluva crash folks. :o

Thursday July 31, 07:48 AM
House Prices Falling At Record Rate
By
Sky News
| | |
House prices are falling at a
record rate
because of the credit crunch, new figures show.

Records are meant to be broken and this time the VIs will be in awe at the magnitude of the collapse.

Edited by Realistbear

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Brown Bread

Forced sellers hitting the market will easily see us hit 20% by year end.

There are two forced sales that I know of in my village (South Cambs)

1. 430K at peak, now "chain-free" and empty at 295K

2. 600K at peak, now empty going on auction on 1st October if not sold at £325K in the meantime.

(removal vans seen there this week)

So the summary of my little micro-market is:

Unforced sellers are dropping around 10%

Forced sellers are dropping 30-45%.

VMR.

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I love the continuing use of £xx,000 higher than £y years ago.

agreed!!!.........just imagine ....in 5 years' time after a 50% crash it'll be '' House prices are still higher than they were in 1999 ''

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I'd better go round to our 2 neighbours who have been trying to sell for 18 months and explain that, thanks to their stubbornness, they've both lost around £20,000 from the amount they would have got from their sale. Those that "panicked" and cut their prices have got their money.

It's also doubly satisfying watching Fionnuala's credibility get shot to pieces, in light of her ludicrous "prices will remain flat in 2008 [for the first time in history]" prediction.

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agreed!!!.........just imagine ....in 5 years' time after a 50% crash it'll be '' House prices are still higher than they were in 1999 ''

The amount of fiddling of inflation figures combined with liar loans is going to make this correction one hell of a statistic.

For a guidance of what we can expect just look over the pond to the USA and add some because we are in alot worse state than them.

Natural assets like North sea gas running out most of the manufacturing base destroyed over the last two and half decades. How much is an house worth when the economy is on its ass and people cannot afford to pay high prices for houses.

This correction is going to be sharp do not kid yourself otherwise. The pain suffered after this bubble reaches it final deflation historians will be writing this in history books for millenia.

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  • 399 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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