Wednesday, April 29, 2009
As US house prices continue to fall the outlook for the world economy is grim, says Patrick Collinso
A Florida condo for less than the price of a new car
Interesting because some Real Estate pundits were calling a bottom in this 'epicenter' of the property downturn earlier this year. This article suggests that optimism might be misplaced.
Posted by xbz @ 11:35 AM (738 views)
2 thoughts on “As US house prices continue to fall the outlook for the world economy is grim, says Patrick Collinso”
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stillthinking says:
The comment at the bottom that “prices can’t rise if buyers can’t find the finance to bid them up” is interesting because I don’t know if that really is the case now, that purely lack of finance dictates pricing. Certainly that was true during the bubble, but when prices bottom and begin to rise, will it be true again? Even when prices begin to rise the banks will certainly still be in a bad condition, and changes to the capital adequacy rules would make things worse not better.
All looking very “L” shaped to me.
mander says:
A four-bed, two-car-garage family home in rural Maryland that went for $563,000 only last year sold at auction for $375,000.
$375,000 is probably the real value which considering how hard a family needs to work for this amonut I would say there is no credit crunch it is just the overvalue (few years of speculation) problem that needs to be addresed sooner rather than later. It is not the end of the world I think, some people will have to admit that they are not as rich as they thought and not all the houses have been bought in the boom years, now who did buy will need to accept they made a bad investment.