Thursday, February 5, 2009

Manipulation of the figures by a government backed bank?

House prices RISE for the first time in ten months

Well they have manipulated inflation rates for years, what's to stop then manipulating the cost of housing?

Posted by hpwatcher @ 10:14 PM (1121 views)
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11 thoughts on “Manipulation of the figures by a government backed bank?

  • “Howard Archer, chief UK economist at the consultancy IHS Global Insight, described the jump as ‘completely unexpected and somewhat incredible.’

    But property experts insisted it could be an early sign that the embattled property market may be starting to recover.

    Peter Bolton-King, chief executive of the National Association of Estate Agents, said: ‘It does suggest that those infamous green shoots of recovery may not be as far off as first thought.'”

    Thanks goodness there are no VIs involved. LOL.

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  • Do you think the details of this could be buried within the Official Secrets act?

    A ploy by the Government to turn the optimism of the Nation.

    I wonder if HBOS and Halifax economists had to sign the official secrets act when they were taken into public ownership.

    Truth is they’ve just sold more larger properties this month than smaller ones (halifax aren’t doing FTB mortgages anymore) therefore their figures don’t balance as they haven’t been selliing flats etc.

    This makes it look like house prices are rising.

    Which is a pity as this will prolong the agony and take us longer to find the bottom from which we can rebuild ourselves with a foundation of some substance not a foundation of paper.

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  • they just need a little more time to steal a bit more of your savings

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  • japanese uncle says:

    Then there is no longer any need to cut IR, is there?

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  • Hi JU

    Where’ve you been all day ?

    We’ve been missing you.

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  • The government owns 40% of HBOS – House prices rise by 1.9% in January (by my reckoning at least 70,000 more unemployed)
    The nationwide, even with fiunulalala’s time machine show prices fell by 1.3% in the same month.

    Conclusion = Beef Droppings !

    And who exactly buys a house just after they’ve put on 10 pounds over crimbo ! It’s not a dead cat that’s bounced, it’s a whole pride of liers, sorry lions !

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  • Nonsense.

    It just means all that prime property that has been held off the market the last few years is now suddenly being offered for sale.

    It means the middle classes are hurting most.

    The super rich don’t care as they don’t have mortgages.

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  • Isn’t it AMAZING??? We’re living through the MOST fragile and chaotic economic times in history, the world is on the verge of it’s biggest ever recession, most of the blame is pointed at sub-prime mortgages in the USA and STILL we get ****hole, muppet VIs in the UK who seem to think increasing house prices ARE A GOOD THING????!!!!! ARGH!!! I DESPAIR!!!!

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  • As interest rates sink towards zero, so the hangers on can hang on longer … higher asking prices can be a mixture of many things that aren’t indicative of an improvement; more properties coming on to the market above the lowest lows looking for a sneeky sale (remember asking is not getting), low IRs giving people the impression they can hold out for better (they can hold out, but the better won’t come as the country becomes a very slow motion crash a la Japan.) Devalued sterling allowing higher priced London properties to find an international buyer, perhaps. Niall Ferguson talked about a prolonged repression, low IRs just perpetuate the denial stage, higher asking prices is an indicator of extended denial.

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  • I wondered how long it would take before the crackpot conspiracy stories started.

    “Then there is no longer any need to cut IR, is there?”

    What on earth are you talking about JU? They are not targeting house prices but retail inflation and trying to stimulate lending, mainly to businesses but also the mortgage market.

    If you actually give it any thought, if the MPC *were* targeting the housing market then there would be a GREATER need to drop interest rates (from their point of view), not less! Why? Because there is little money available to lend out there, and they clearly want to stimulate lending: higher house prices mean buyers need bigger mortgages. If the MPC want more money lent against houses, and in an extremely tight market too, do explain why they would then make it harder and more expensive?

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  • PS And no, I don’t think that the market really is recovering. The simple fact – which few here seem to be able to grasp – is that no chart is a constant straight line in any direction. I am willing to accept that prices did go up according to Halifax’s data in the period specified, but I have no doubt that the trend will continue down for at least another year, if not two.

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