Wednesday, June 11, 2008

As bad as the 90’s, sound fundamantals eh Gord?

Housebuilders hit on warnings of 1990s-style slump

''...Shares in Britain's housebuilders sank further this morning as two investment banks gave warning that the housing market downturn was every bit as bad as that seen in the early 1990s. ...''

Posted by hpwatcher @ 10:11 AM (395 views)
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One thought on “As bad as the 90’s, sound fundamantals eh Gord?

  • Why is everyone so surprised that the housing market has finally readjusted and is trying to return to a position of relative sanity, if the actual cost of building a house was including the purchase of the land quantified it would show the reality of the profits that all of the greedy people involved were making out of the misery caused by the neccesity of having somewhere to live, the real question that should be asked is this, if there are no first time buyers there will eventually be no second time sellers, so in real terms the profits from house sales are being mopped up by third parties such as estate agents solicitors and of course the government who through greed openly encouraged this madness to take place, house prices should be capped and should relate to the previous price paid as set out in the deeds at the land register, the new cost of the property should be determined by any improvements carried out by the present owner and not on the greed of the profesionals who are the only real gainers in the long term, a property is for living in and not for momentery gain as this situation we are experiencing proves, it is just a repeating cycle of boom and bust with only the general public with little exception loseing out, all of this has been caused by banks, builders, solicitors and estate agents who deserve everything that they get.

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