Thursday, Dec 21, 2006

US Pessimists say house price crash inevitable

TimesOnline: US pessimists say house price crash is inevitable

Peter Schiff, chief executive of Euro Pacific Capital argues that house prices will experience an unprecedented collapse, falling by as much as 70 per cent in some areas.

Posted by denzil @ 04:02 PM (505 views)
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16 Comments

1. Taffee said...

spot on article........same over here I reckon.......a question of when not if.

Thursday, December 21, 2006 04:06PM Report Comment
 

2. bidin'matime said...

The buyers will stay away in their droves and prices will collapse. Still baffles me that people think this can't happen.

Thursday, December 21, 2006 08:03PM Report Comment
 

3. paul said...

It does seem strange that housing market bulls believe that somehow, people looking to buy will be happy to buy into a falling market.

"But many economists are becoming convinced that a housing slump, or even a crash, is inevitable because the high prices are not based on any economic reality."

Ohh. A glint of clarity in an clouded world. Welcome to reality ...

Thursday, December 21, 2006 08:48PM Report Comment
 

4. Enuii said...

A colleague at work was going to purchase a new build property for 300K but his mortgage provider is adamant it is worth no more than 240K, to check this figure he paid for another independant valuation who without any knowledge of the other valuation also valued the property at 240K and got a local estate agent to do the same. All three agreed on the 240K figure, needless to say he has informed the developer of this fact and will not take his purchase any further unless the price is renegotiated. All other property in the area also appears to be approximately 20% over valued if you look at the original board prices and compare them to the land registry figures.

Double digit increases next year - I think not!

Thursday, December 21, 2006 09:41PM Report Comment
 

5. glorious sunshine said...

Dream on...

Blind leading the blind...perhaps its the best way to have it!

I want my MTV

Now look at them yo-yo's that's the way you do it
You play the guitar on the MTV
That ain't workin' that's the way you do it
Money for nothin' and your chicks for free
Now that ain't workin' that's the way you do it
Lemme tell ya them guys ain't dumb
Maybe get a blister on your little finger
Maybe get a blister on your thumb

We gotta install microwave ovens
Custom kitchen deliveries
We gotta move these refrigerators
We gotta move these colour TV's

(See the little faggot with the earring and the makeup
Yeah buddy thats his own hair
That little faggot got his own jet airplane
That little faggot hes a millionaire)

Gotta install microwave ovens
Custom kitchen deliveries
We gotta move these refrigerators
Gotta move these colour TV's

I shoulda learned to play the guitar
I shoulda learned to play them drums
Look at that mama, she got it stickin' in the camera
Man we could have some
And he's up there, what's that? Hawaiian noises?
Bangin' on the bongoes like a chimpanzee
That ain't workin' that's the way you do it
Get your money for nothin' get your chicks for free

We gotta install microwave ovens
Custom kitchens deliveries
We gotta move these refrigerators
We gotta move these colour TV's

Look a' here
That ain't workin' that's the way you do it
You play the guitar on your MTV
That ain't workin' that's the way you do it
Money for nothin' and your chicks for free
Money for nothin' and chicks for free

Money for nothin' and your chicks for free

Look at that, look at that

Money for nothin' and your chicks for free
I want my, I want my, I want my MTV
Money for nothin' and chicks for free

(Fade)
I want my, I want my, I want my MTV


Quality!

Thursday, December 21, 2006 10:54PM Report Comment
 

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

 

7. Aireybollox said...

Aye, great article. As a Brit Expat who fled in 2001 (thinking that the housing market had peaked after my house doubled in price in 6 years), most US big cities are definitely seeing an 8-10% decrease in house values. Hence, many big city dwellers are moving to cheaper areas e.g. The Carolinas. However, these folk are inhibited in buying a property down here as they are finding it difficult to sell their house up north. Hence, housing market is slowing everywhere.

It always seems to be that whatever happens in the US, trickles down to the UK a while later. We'll see.

Thursday, December 21, 2006 10:58PM Report Comment
 

8. Urine Trouble said...

Dear G.S one day you will be able to sell all those antique copies of Smash Hits and put a large deposit on a BTL for your self. Love U.T.

Thursday, December 21, 2006 11:02PM Report Comment
 

9. paul said...

And the point of that was .... ?

Thursday, December 21, 2006 11:51PM Report Comment
 

10. glorious sunshine said...

Your all a bunch of silly twats paying my mortgages/paying for my luxury holidays :-) Lovely!

Friday, December 22, 2006 12:38AM Report Comment
 

11. harold said...

Never before in the field of human conflict has so much been copied and pasted by so few.

Friday, December 22, 2006 12:39AM Report Comment
 

12. glorious sunshine said...

harold

Youre a star! A shining beacon in the fog!

Merry Christmas.

Friday, December 22, 2006 12:58AM Report Comment
 

13. disciple said...

70%???? If I'm not mistaken, that means he's predicting a depression! Because thats the only way it's going to fall by that much. Bring on the Japs!!!

Friday, December 22, 2006 02:20AM Report Comment
 

14. tyrellcorporation said...

Just can't stay away eh GS? Mate you really are a sad muppet... Have a Merry Christmas :)

Friday, December 22, 2006 08:29AM Report Comment
 

15. Davros said...

Does anyone find the posts of Glorious Sunshine in the slightest bit entertaining?

Friday, December 22, 2006 09:38AM Report Comment
 

16. millard said...

I can't resist asking.

GS- if we are such silly t**ts paying for all your luxuries etc, why come on this board and insult us?

If you had an ounce of common sense (and believed that prices will never fall) you would be encouraging people to keep on renting as the crash is just around the corner, knowing full well that prices can only ever go up.

no matter which way the market goes it's clear for all to see that you are the only t**t around here.

Friday, December 22, 2006 10:00AM Report Comment
 

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