Sunday, March 9, 2008

House prices, going, going, gone

If homes are shunned at auction, is that a hammer blow for all of us?

Laura Howard asks if house prices in general are going, going, gone as the bids dry up for bricks and mortar. With house values down and mortgage profits escaping through the back door, banks must recoup losses from somewhere and fears are mounting that this will be in the form of higher rates and stricter lending criteria. Ultimately, it may be the average homeowner – who has probably never been to an auction – who will be hit in the pocket when they try either to switch their mortgage deal or take out a new home loan when moving.

Posted by doomwatch @ 10:54 PM (783 views)
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3 thoughts on “House prices, going, going, gone

  • “According to the Royal Institution of Chartered Surveyors (Rics), just 57 per cent of the 7,669 homes that went up for auction in the last quarter of 2007 were sold for the reserve price.”

    They kept that very quiet. So in other words, even the auctioned prices are too expensive. I wonder if the Brick Chicks will feature this, or if Stuart Law’s Arssetz will post something about it?

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  • It’s obvious where this is heading. Houses will only be sold at auction to those who have all the money up-front. Mortgage-free purchasing will show the *real* value of a property.

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  • Mr David Smith, Economist Laureate?

    What is Mr. Murdoch’s take on this?

    We know that you read this blog because some people can’t run one….

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