Friday, Nov 20, 2009

The end of the suckers rally.

Daily Mail: House prices 'will fall up to 10% next year and take years to recover to pre-recession levels'

House prices will fall by up to 10 per cent next year and then take many years to return to the peak seen in 2007, according to leading economists.
A survey found nine of 14 economists and estate agent groups are expecting price falls against a background of rising unemployment and home loan rationing by the banks.

Posted by houses_burning @ 01:11 PM (1042 views)
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4 Comments

1. Tennouji said...

How on earth does the following sentence make sense "Given the wide divergence of opinions among the so-called experts, ordinary house buyers can be excused for being totally confused " when it is preceeded by this "A survey found nine of 14 economists and estate agent groups are expecting price falls against a background of rising unemployment and home loan rationing by the banks"?

What is remotely confusing by the fact that people who have lost/fear losing their job and who can't get access to a mortgage
will not wish to/be able to buy a house, especially one at an inflated price.

Friday, November 20, 2009 02:06PM Report Comment
 

2. cynicalsoothsayer said...

"the value of new loans agreed during this period was down 47 per cent to £70.5billion."

Apparently some on here seem to think the House Price Crash is cancelled. Not with this reduction in mortgage finance. As soon as more sellers take to the market, prices will plummet.

Friday, November 20, 2009 04:12PM Report Comment
 

3. will said...

cynicalwhatever

I am still waiting - just.

Question - If houses return to peak so soon and wages remain largely flat and silly mortgages now unavailable and interest rates set to rise, just who is going to buy a house? Answer - only a fool.

Friday, November 20, 2009 05:03PM Report Comment
 

4. cynicalsoothsayer said...

Fools may be in short supply. Their credit has limits.

Buy a house, but only at a sensible price. You might not have to wait too much longer for that.

Friday, November 20, 2009 07:21PM Report Comment
 

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