11 mai 2008
Bank of England warns of two years of stagflation
source: Telegraph
He added: "Although details in the US and UK differ, we suspect that the UK is starting to experience a US-style housing collapse, in terms of an extended period of extreme weakness in demand, turnover and prices."
Repossessions hit 16-year high as lenders 'turn to courts first'
source: Times
Home repossession orders are now at their highest levels since the housing market crash of the early 1990s, and are expected to continue rising during the rest of 2008, as the credit crunch and a slowing economy put the squeeze on home owners. Although not all court orders result in repossession – with about half being suspended – more than 30,000 families are likely to be evicted from their homes this year.
Thousands in Leeds left out of pocket by the buy-to-let crash
source: Times
The bursting of the bubble fuelled by the middle-class stampede into buy-to-let investment has caused a surge in repossessions of city-centre apartments across the country. Nowhere is the impact more visible than in Leeds, whose landscape has been transformed since it belatedly embraced the concept of city-centre living at the turn of the century.
When Should the Fed Crash the Party?
source: The New-York Times
Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate,” he said. “It will purge the rottenness out of the system,” he added, and values “will be adjusted, and enterprising people will pick up the wrecks from less competent people.” ....
I have no doubt that today’s authorities are taking risks and are going to make mistakes in managing the complex fallout from the speculative fevers of recent years. Nevertheless, I would still reject Mellon’s advice and those who echo it, because the consequences would be unthinkable.
Disaster faces estate agents as housing crashes
source: The Independent
Up to 1,800 estate agents may go bust by the end of the year unless lenders ease up their squeeze on new mortgages, as fears grow that the UK is heading for a full-scale housing crash, with price falls of up to a fifth.
Southern house sales collectively drop 20pc
source: The Southland Times
It appears the property bubble has burst in Southland and
Otago, with figures released yesterday showing the number of houses
being sold in the regions has collectively dropped 20 percent over the
past nine months
Même en Nouvelle-Zélande, , on parle d'éclatement de la bulle......
Spanish property: the fiesta's over
source: The Guardian
When we visited three of the Polaris World communities, we found British buyers who are now trying to offload their properties with price cuts of up to €75,000. At its own headquarters in Murcia, the company is now offering "specials" to tempt buyers - with new homes down from €178,000 to €129,000. Later, we were told similar properties could be bought privately for as little as €115,000. Forums used by Polaris World buyers suggest that discounts of up to 50% are being dangled in front of buyers as the company finishes off resorts.
Another agent in Murcia told us prices are down 20-30%. "It was a bubble, and like all bubbles it had to burst eventually." She blames the unrealistic expectations of buyers who thought price increases of the past would continue into the future.