Thursday, August 27, 2009

More cold water poured on the housing market recovery

Don't believe the bulls: US house prices will take years to recover

David Stevenson explains why he thinks the recent bounce in house prices won't last.

Posted by will @ 12:42 PM (1133 views)
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5 thoughts on “More cold water poured on the housing market recovery

  • interesting, this could mean our banks will take another hammering??

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  • japanese uncle says:

    ‘Years’ should read ‘decades’, I am rather sure.

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  • I know the title relates to the US housing market, but all this bluster about UK prices increasing lead me to look at my local market, the market where I want to buy in and live in. Rightmove has 169 houses within 1 mile radius of the village on offer (I know that Rightmove’s 1 mile is alot greater than our normal welsh mile!) Only 4 houses over £150k are under offer with 13 under offer in total (including plots). Now one plot has been “sold” on Rightmove for more than 2 years, therfore I don’t believe that even the 4 sales above 150K represent the “latest” market activity. Therefore, I don’t believe the bluster… asking prices, price increases don’t mean a jolt around here if nothing is actually moving. It will only act as a wall between sellers who want near the full price and the buyers who don’t believe that the property is worth anything near the asking price. Nearer Chester, and Wrexham / Chester border, things are picking up and moving (can this go on?)but up in the hills, not as clear cut me thinks ;O)

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  • Thanks JU. I didn’t know it had its own page on wikipedia – thanks stillthinking.

    Just as an aside, while on this topic, I trust you’re aware that “Quantitative Easing” is a crude translation of the Japanese term “量的金融緩和” (ryouteki kin’yuu kanwa) – lit. “quantity finance easing”.

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