Thursday, March 5, 2009
It’s not over
If you own property, look away now because what follows is ugly reading. Margaret Beckett's 'green shoots' were illusory, and the 2.0% upswing in house prices that Halifax recorded for January has been more than offset with a 2.3% fall in Feb. So far prices are down 20 percent from their peak, and it won’t get any better. It may well be the 2020s before anyone who bought in the last few years will recover their capital.