Wednesday, November 25, 2009

(Global) house price crash

World's housing markets recovering unevenly

As of Q3, 2009, Latvian house prices have fallen a massive 59.7% year-on-year; Dubai 48%, Bulgaria 29%, Iceland 21% and Russia 19%. Makes our 4.3% year-on-year decline look anaemic.

Posted by little professor @ 03:43 PM (3641 views)
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16 thoughts on “(Global) house price crash

  • little professor says:

    I see the filter still stops you from writing glóbalhousepricecrash. How silly, I thought we were beyond all that petty infighting now.

    Anyway:

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  • Whatever happened to globalhouse-pricecrash, Reg?

    Reg: He’s over there.

    housepricecrash: Splitter!

    But what did happen LP? – what’s the history and where’s it gone?

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  • Governments everywhere are doing everything they can to support asset prices. House price rises mirror equity market rises because they’re driven by the same factors.

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  • little professor says:

    @phdinbubbles 2

    G’HPC was set up by disgruntled regulars of HPC, who were upset at (what they saw as) heavy-handed moderation and restriction on free speech on this site, with some members having been banned for criticizing the admins/mods. They also opposed the takeover of HPC by the internet marketing company Fubra, seeing it as a sellout.

    G’HPC never really took off in a big way, but they annoyed HPC enough for the mods to ban all mention of them, even in passing. Any words or phrases related to the site were added to the swear filter, blocking any discussion regarding them, and if you tried to circumvent this you would get banned yourself. It was all very juvenile.

    Consa, the man behind G’HPC, fell seriously ill earlier this year. The site’s domain registration expired and is now being redirected to HPC by some scallywag. All very tragic.

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  • maybe the other countries didnt have a corrupt government propping up the housing market with secret loans

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  • Ah no LP …you missed the best bit, the img title ( AKA tool tip / hover text /etc… )

    Hover your cursor over this one:

    Duty Calls!
    Duty Calls, from xkcd.com

    and whilst we’re at it…

    Effect an effect
    Effect an effect from xkcd.com

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  • ^^ By the way if there is a “professional” language Nazi watching they would be quick to point out the real error, the word “foreign” is not one of the myriad of exceptions to the i before e except after c “rule”.

    :o)

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  • * /is not -> is

    Oh, damn. The image has been changed since I last looked!!

    I’m sure I can prove it…

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  • … knew it 🙂
    ( although the image at the head of the thread is the new version, but hey – no one corrects him ):

    “””
    Re: “Effect an Effect” discussion

    Postby Illemonati » Mon Oct 08, 2007 4:16 am UTC
    Obligatory Grammar Nazi post:

    It’s spelled “Foreign”, not “Foriegn”.
    “””

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  • Ba11s!! I was using that site for some good info from New Zealand bloggers. Cheers for explanation LP

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  • Cheers LP

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  • The latest CPI inflation figure for Iceland is 9.7% and the inflation-adjusted house price fall is 21.2%, so prices have fallen in nominal terms.

    The CB’s “Loans against collateral” interest rate is 11% so mortgage rates must be a bummer.

    So it turns out that a debt-funded depreciating asset is not a store of wealth during a financial collapse. Gasp!

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  • mark wadsworth says:

    I’m hardly a big fan of these home-owner bailouts, but fair play to the government, they said they’d do whatever it takes and they did it!

    The fact that they are just making things worse is by the by, this is what most voters want and so this is what all voters get. Including those who don’t want it, and the majority who think they want it but don’t really.

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  • MW – not necessarily what most voters want – votes in swing constituencies are worth far, far more than non-swing & party funders preferences are no doubt carefully considered.

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  • My bro was saying that houses are selling like hotcakes in the Farnborough area. You can’t convince him that prices aren’t set to rocket.
    Nowhere else but Britain could you have so many of the population thinking this way in the midst of a recession, with thousands being laid off and the banks and housing market on life support. In fact the gov should have nipped the recent HPI bounce in the bud. But what did they do? Continued to print money. It’s such a bl**dy FARCE.

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  • I was so gutted when I couldn’t find that site. Moving back to NZ in 10 days and was planning some serious time reading up on lots of the links. Hey ho. Thanks for the explanation. I will stop hoping it pops back up…

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