Monday, August 28, 2006
US Housing crash looms spelling dramatic knock on economic effects for US’ trading partners
US Housing slump fuels crash fears
Foundering American property market could spark global slowdown worse than dotcom collapse. The downturn in the US housing market will force businesses to slash 73,000 jobs a month in the new year and could be more damaging to the world economy than the dotcom crash, economists have warned.
Posted by katharine watkins @ 08:40 AM (533 views)
4 thoughts on “US Housing crash looms spelling dramatic knock on economic effects for US’ trading partners”
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The Bald Man says:
What happened to the US stock market always happens to the UK stock market. Not sure about property. Nevertheless sure to be some knock on effect in the UK
uncle tom says:
When looking at US data, you always have to factor in the fact that their population is still growing quite rapidly – 0.91% p.a. compared to 0.28% in the UK (Source: CIA).
This means that with many stats, no change is a significant downturn. It also means that while the UK has to house an extra 170,000 people every year, the US has to house an extra 3 million…
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There is something about the American mentality that tells me they will make their property crash worse than it needs to be…
Daopig says:
“There is something about the American mentality that tells me they will make their property crash worse than it needs to be…”
You could be right, but that is because there is opportunity in falling prices.
Miniftse says:
Its all one big web, US house price fall, reduced US consumption, reduced business from the US for UK companies (if you don’t work from one, you probably have a US customer, or a customer based dependent on a US customer), UK job loss…when the US sneeze, we get flu.
But don’t bet against inflation erasing any HPC.