Friday, August 8, 2008

Why it is different this time – overextended lenders as well as borrowers

Housing fails to rise to Olympian ideals

UK housing market numbers once again fell short yesterday, which is not surprising given the sparsity of credit and falling mortgage approvals. Let's focus is on the speed of decline. During the last housing market crash in the early 90s, it took over three years for house prices to fall by 10% from their peak. Compare this to the current crisis - figures released by HBOS today show that UK house prices have fallen by 10.2% in the last six months alone...................

Posted by jack c @ 02:14 PM (456 views)
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2 thoughts on “Why it is different this time – overextended lenders as well as borrowers

  • still renting says:

    Moronic analysis. The article fails to mention the higher inflation in the early 90s, meaning that real house prices fell much more than the nominal 10% in 3 years. Still, the crash does seem to be considerably quicker this time, which is probably a good thing.

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  • Olympian declines in house prices … how appropriate.

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