Tuesday, March 31, 2009

Spring Bounce in the US ?

US house prices 'see record fall'

US house prices fell by a record 19% in January compared with a year earlier, according to a closely-watched index. Green shoots, Brown Swallows.

Posted by the count of nowhere @ 02:56 PM (572 views)
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9 thoughts on “Spring Bounce in the US ?

  • ‘house prices have now fallen by 29.2%, according to the S&P/Case-Shiller index.’
    Wow so soon! Remember when America sneezes we catch the Flu.

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  • Little Professor's Big Brother says:

    People in the US have been trying to tell us for months that the housing market has hit bottom and now is the time to buy.

    See for example:

    Wall Street Journal, May 2008 – “The Housing Crisis is Over
    Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.

    How can this be? Most people forget that the current housing bust is nearly three years old. Residential construction is close to a 15-year low. House prices have fallen 10%-15%, while incomes have kept growing and mortgage rates have come down.Housing led us into this recession, and it will lead us out. That process is already underway.

    Or there’s Jim Cramer in September 2008:

    Let me give you ten reasons why everyone who now thinks there’s no end in sight to weakening home prices will look like a fool in nine months and will miss the best opportunity to buy since the 1989–1991 real-estate crash.

    They’re still at it, yet month after month the price index falls further and further.

    In Britain we are one year behind the US in the housing crash, but already people are popping up here telling us it is all over and things can only get better from here. Wrong, wrong , wrong. The house price crash will not be stopped by QuEasing or by ramping. It will run its course. It’s going to get worse. Much worse.

    MUHAHAHAHAHAHAHWWW!!!

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  • ‘house prices have now fallen…’
    The S&P case-shiller 20 city is a two month lagged, three month moving average, so now means average across Nov, Dec, Jan

    yoyo said… ‘…wow so soon!’
    Their crash started in mid-2006 according to this index, so it’s not that soon is it?

    The Case-Shiller release

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  • U.K. figures look a lot like the U.S: with a 9 month lag.

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  • 51ck-6-51x
    i’m a great believer that our ‘HPCrash’ actually started mid 2006, in snyc+ 6 months with the USA. The BOE announced that events were turning sooner than expected back in 2006 but i can’t remember exactly when. Usually if they give out a warning it’s about 2 years before turnaround. This one had to be called short i guess. Possibly due to the info war?
    So yes, it has been sooner than expected and caught some out by surprise.

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  • Albertino Albertini says:

    30% in two years? Is that all?

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  • It was reported in the Daily Mail March 28 2007 by Marvin King that “Home Head for a Fall”. Apparently as far as I understand he was very heavily criticised by his peers.

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  • Sorry should read “Homes head for a fall”.

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