Wednesday, July 25, 2007

… and if a lender says that to the financial community, it is for real

House prices 'poised for sudden slowdown'

"Northern Rock said that house prices, which last month showed annual increases of just over 10%, could be rising at the same level as wages by the year-end, which would mean by as little as 4%."... the "just over 10%" shouws the level of madness and delusion in the market... "just 10%"... and risk-free, yes, money grows on trees and a pigs fly in the sky!

Posted by confused76 @ 11:26 AM (507 views)
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5 thoughts on “… and if a lender says that to the financial community, it is for real

  • “just over 10%” means “a shade over 10%”.

    It doesn’t necessarily mean “only 10%”.

    Sheesh, I’m a Bear, but comments like that from people like you are giving me the jitters…….

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  • Please make your way to the property market exit in an orderly fashion – there is no danger of a crash, absolutely none, not ever.

    (Oh, and the last one out will be burnt to a crisp by negative equity.)

    – J Crowe, London

    Hehe.

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  • “Property prices only ever go up. It’s different this time because there are so many well paid people in the UK with inflation busting pay rises; UK house prices aren’t high when you think about the strong UK economy – we have the highest prices in the world because we have the best economy in the world; prices will probably go up 10% for ever. The developing countries can’t compete with the unique ability to do ‘brain’ work over here.
    Pat, Isles of Scilly

    Oh my sides – stop it!!!! LOL!!!

    UK Economy: Anagram = Cooky Menu

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  • Gone, gone and even more gone.

    It was actually over 5 years ago, but that is how long it takes to feed through to Joe DumbF*ck.

    It reminds of a story a friend’s dad told me in South Korea. He was contracting in Lebanon when the Israeli Air Force and Army decided to commit some war crimes and shell civilian areas. The advice of the Foreign Office was to stay put.

    He actually hightailed it to the Syrian border to buy the first flight out he could. In the queue there were lots of VIPs, inc Sly Stallone, who clearly had better information than Joe Shcmuck.

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  • The point of this story, if you read between the lines, is that Northern rock has been shovelling out the massive multiple mortgages by the truckload over the last few years, to all and sundry. Now they are feeling the same pinch as that which some of the sub-prime US lenders are now feeling as they realise they’ve bitten off more debt than they can chew.

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