Friday, November 9, 2007

UK Journos take note

Housing meltdown hits US economy

The arguments for no crash in UK property hot spots such as London trotted out by the bullish journos are currently low unemplyment and expanding population (demand).However, take not journo dummies"And the housing crash is now extending to the formerly "hot" housing markets in Southern California, Arizona, Nevada and Florida, where expanding populations and a strong economy were expected to keep prices high."

Posted by doomwatch @ 01:51 PM (733 views)
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7 thoughts on “UK Journos take note

  • And all this from the BBC. It’s good to see the definition of what’s Sub-Prime, using their definition it looks like most of the UK would be. Prime is defined as, Quote:”Prime: mortgages under $417,000 backed by government guarantee with stricter loan conditions”

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  • I like the year on year graph. It seems stagnation didn’t quite happen.

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  • ..’estate agents and mortgage brokers.. .were clear what was to blame….foreclosures and evictions of people with sub-prime mortgages’. Bet that didn’t stop them from selling to such people when things were looking rosy.

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  • “The UK economy is in a strong position. Sound market fundamentals, including high levels of employment and a shortage in the number of properties available for sale, will continue to support house prices,” ; Martin Ellis, chief economist, Halifax (BBC 8th November)

    “This is the first time we have had an absolute decline in housing prices in the US since the Great Depression and it’s the first time we have had this kind of impact on the housing market without it being driven by macro-economic declines,”; Richard Syron, Chairman, Freddie Mac (BBC 9th November)

    Reminds me of a Fred Astaire song:-
    “You say potato and I’ll say potato,
    You say macro economics and I’ll say sound market fundamentals,
    You say meltdown and I’ll say slowdown,
    Let’s call the whole thing off.”
    .
    Looks like there may be trouble ahead.

    .

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  • Graph is a classic bubble

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  • My prediction from that graph is that prices will slowly decline until q2 2008, then off a cliff from there on…..!!!!!! UK is always 2 years behind US.

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  • Gotta love the beeb!!! The crash is ‘now’ getting to us here in SoCal. Believe me here in San Diego a crash is well under way and has been for at least a year. When will one of these so called journalists actually say what we all know “it’s all about affordability”, lack of job losses has no bearing!

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