13 avril 2008
The Black Death of financial collapse
source: Asia Times
The financial and economic crisis now upon ;us is by far the most menacing of the past century - even more so than the Great Depression of the 1930s. It is not just a "subprime" crisis; it is systemic - affecting the entire financial system.
S.Africa annual house prices fall as rates bite
source: Reuters
JOHANNESBURG (Reuters) - South African median residential house prices fell in March as household budgets come under strain from higher interest rates, a survey showed on Tuesday.
The monthly Standard Bank property gauge put annualised house prices down 5.2 percent last month -- the first contraction in average prices in almost eight years.
La crisis del "ladrillo" eleva un 147% las insolvencias empresariales hasta marzo
source: Consumer.es
La acentuada crisis que atraviesan los sectores inmobiliario y de la construcción disparó un 147% las insolvencias empresariales durante el primer trimestre, el doble del incremento medio
A Vendre
source: Times
The British who turned the Dordogne into Dordogneshire are leaving for home
Dordogne in the doldrums as estate agents wonder if love affair with the British is over
source: Times
Vincent Barnérias-Desplas, a local solicitor, said that the end of l’invasion
britannique had put the brakes on the market. “I’ve been doing this job
for 15 years and it’s the first time that I’ve seen sellers accepting less
than they wanted. Prices are coming down by €10,000 here and €20,000 there.
But Mrs Bonoron said that they had
driven prices to unrealistic levels and that the bubble had burst.
Detroit: 18.9-month supply of homes for sale
source: freep
Sales prospects in many spots are grim. Huntington Woods had a 45.7-month home supply, and Oakland County had a 20.2-month inventory overall, according to listing data released last week by Real Estate One in Southfield.
Detroit had a 51.1-month inventory of homes listed.
As safe as houses? Britain's home truths
source: The Guardian
Banks have gone in for ridiculous lending over the past few years, 100 per cent mortgages even 125 per cent mortgages, five times salary. There are those that argue house price inflation has been caused by undersupply of houses, and in some parts that is true, but the fastest growth is due to the availability of credit.
"The danger now is that we will see house prices collapse, as is happening in the United States.....
Mortgage malaise spells tough times ahead for middle-class Britain
source: The Telegraph
One of the few bright spots on the landscape was that house prices had almost tripled over the past decade - apparently adding greatly to the wealth of homeowners. Yet the credit crunch and the recent slump in house prices has proved that even this final idea was illusory
UK economy faces tough times as credit crunch hits big City spenders
source: The Telegraph
One economist said: "The issue of City job cuts is not just for a bunch of bankers. The difference between job cuts now and 15 years ago is that the importance of the big spenders in the economy has soared. Turning the tap off is far more serious than ever before. This is a big test for Britain: to see just how reliant we've become on the City."
You Thought You Had an Equity Line
source: The New-York Times
In a perfect world, lenders would fully disclose the process and criteria used to make these valuations and decisions,” Mr. Kratzer said. “These borrowers have a solid payment history, good credit scores and plenty of equity to satisfy most of the lenders’ loan-to-value formulas. Instead, the banks are just shutting them off.”