Thursday, January 15, 2009
housing uber-bear says we heading for carnage
Alastair Stewart, the Dresdner Kleinwort analyst – and housing uber-bear — published his predictions for 2009 on Thursday and in the words (almost) of another number one single: Things can only get bleaker. So bleak in fact that: Housing starts will hit their lowest peacetime level since 1920. Peak to trough house price fall will be 50%. Several private and quoted housebuilders will face administration. "Housing in general and over-geared housebuilders in particular will lurch from crisis to catastrophe during 2009 and possibly well beyond, in our view."