Wednesday, July 2, 2008
Just one of many bearish articles this morning – see comment 1
Sometimes bubbles deflate gently; other times they just go pop. No prizes for guessing which is the case in Britain's housing market. As price slides go, this is the fastest since 1992. Nor is it likely to stop. Instead of gentle deflation, we are getting a big bang. Prices on basics such as food and fuel are soaring, while credit has dried up. Consumers are seeing a squeeze on their standard of living while also fretting about rising joblessness.