Wednesday, Sep 06, 2006

US house prices in reverse

Firstrung: U.S. house prices show biggest decline in thirty years

U.S. home prices continued to rise in the second quarter of 2006, but showed the biggest slowdown in three decades, federal regulators reported on Tuesday

Posted by converted lurker @ 12:57 AM (535 views)
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11 Comments

1. This comment has been removed as it was found to be in breach of our Blog Policies.

 

2. Secret4 said...

I am welcome a US crash with glee, but why post the article falsely. It is price growth that is in reverse not prices; ie they are still going up just at a slower rate!
Or did the poster truly not understand the article?

Wednesday, September 6, 2006 07:03AM Report Comment
 

3. Thesqueeze said...

Where as I find it interesting to hear so much about the US, we are still different countries with our own individual economies. In my opinion the uncontrolled immigration is having a huge effect on house price inflation in the UK. All those BTL's have a steady influx of foreign workers to fill their pokey little rooms. Next year we are expecting about 300,000 Romanians to come in. Don't expect the government to cap them, Mr.Blair will no doubt say 'let's speak to the british industry to see if they need them', and much to the surprise of nobody they will respond with 'Yes! we need them so we can kick out the Brits and pay these guys minimum wage....ooohhh and ermmmmm they are filling a skills gap of course, scuse me while I count my dosh!'. All part of the economic miracle.

Wednesday, September 6, 2006 08:58AM Report Comment
 

4. the bald man said...

If this was the US stock market following historic trends I would expect the Uk market to follow. Not sure about property but I can see very little difference in the underlying valuation fundementals.

Wednesday, September 6, 2006 10:34AM Report Comment
 

5. Surfgatinho said...

"the biggest decline in price growth since OFHEO started keeping track of home prices in 1975" I think it's HPI that has gone down, not actual prices. Still move in the right direction

Wednesday, September 6, 2006 11:24AM Report Comment
 

6. tyrellcorporation said...

When will this story reach the BBCs headlines? Eerily quiet from the editor's office eh?!?

Wednesday, September 6, 2006 12:19PM Report Comment
 

7. devil's advocate said...

Prices only rose 1.17% for the quarter compared to 3.65% hardly a massive difference, the prices are still rising. There still going up!!

Wednesday, September 6, 2006 01:02PM Report Comment
 

8. Jake The Muss said...

DA is right, the article title is contradictory to the article subject. The article says house price growth has slowed, but does not mention prices going down. It goes to show it's not just the VI's who exaggerate and manipulate HP statistics, this sort of journalism is best kept for HELLO magazine and the like.

Wednesday, September 6, 2006 02:16PM Report Comment
 

9. indiablue19 said...

Devil's Advocate said....

I believe it's the average that is important. There are well known pockets of disaster in the US housing market by now. In States where prices were more than doubling in two years, homes can't be sold at any price, including much over-developed resort areas Florida [hurricane disaster central] and Arizona desert [how dry I am central] and some parts of the California coast. And if the market has fallen from the nearly 100% rises of recent years to what you now see -- and with the knowledge that Manhattan and its ilk will always be rising, and most of the house "price" rise overall represents mortgage debt, not value -- we must be seeing serious negative equity for many. In fact, my guess is that places like Manhattan with their own property economy may be the only ones spiking this 1.17% for the quarter with all else on the way down.

Wednesday, September 6, 2006 03:37PM Report Comment
 

10. harold said...

DA, get your head out of the sand:

http://www.easybourse.com/Website/dynamic/News.php?NewsID=50588&lang=fra&NewsRubrique=2

Wednesday, September 6, 2006 11:22PM Report Comment
 

11. inbreda said...

TheSqueeze - in your myopic view of the situation, you seem to be suggesting that hordes of migrants will be filling the coffers of BTL landlords.

At the same time you're suggesting that all the migrants are on minimum wage.

How do you equate minimum wage rent payments to the excessive cost of housing? How is it a good idea to spend hundreds of thousands on an apartment to rent it out to minimum wage earners? Hardly profitable.

Thursday, September 7, 2006 12:49AM Report Comment
 

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