Tuesday, July 15, 2008
HPC reaches accross the pond.
At the height of the housing boom in the U.K., several contrarian Web sites emerged, warning that the bubble was sure to burst. But as prices continued to soar, many openly scoffed at the pessimism of forums like housepricecrash.co.uk, pricedout.org.uk and glbalhousepriccrash.com, including a 2006 article in The Independent which labeled the sites “doomsters” and “Jeremiahs.” Two years later the “doomsters” are looking like soothsayers and the sites have turned into lively forums on the woes of the property market. “It is not a happy feeling that we have been proved right, given the issue,” said Jonathan Davis, who serves as spokesman for housepricecrash.co.uk. “There are going to be huge numbers repossessed, unemployed, bankrupt, etc by the end of it. I do wish more had listened to u