Friday, September 4, 2009

Bears growl

Bears still growl at the Sanctum Sanctorum of the policy elites

House sales have bounced a little after falling 80pc from bubble peak but there is still such an overhang of unsold properties on the market that it would take a total shut-down of the US construction industry for a year to clear the excess. House prices have already fallen 28pc. He expects another 12pc haircut, taking it to 40pc from peak to trough, enough to tip a very large proportion of all US mortgage holders into negative equity.

Posted by apophis @ 10:44 PM (498 views)
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