Once seen as a sure-fire way of making a small fortune, newly-built flats have become the worst victims of the housing market meltdown.Prices of new-builds in city centres have collapsed, with many sold at auction for a fraction of their value only two years ago. In one case, a three-bedroom …
The slide in house prices will continue for at least three years and crush the value of a home by almost 50% in real terms, according to a key index of property price futures. Indications from futures trading on long term property prices shows that the average UK home will …
LONDON (Reuters) – House prices fell a record 2.5 percent in May, the Nationwide Building Society says, raising fears the property market downturn could soon turn into a crash that hits the whole economy. The monthly decline, the largest since the lender started compiling records in 1991, wiped 5,000 pounds …
In October 2006, we reported US house prices were plunging at the fastest rate in 36 years. Now it’s the UK’s turn. House prices are falling at their fastest rate since records began 30 years ago as the mortgage lending freeze continues to undermine the housing market, the Royal Institution …
House prices in Britain plunged last month by the worst figure since the financial crisis in the early 1990s. . . » Biggest house price plunge for 15 years – UK Times Online, 8th April 2008
March 11 (Bloomberg) — The U.K. housing slump deepened in February and is now the worst since the eve of the nation’s last recession in 1990, a survey of real-estate professionals showed. » U.K. Housing Market Slump Becomes Worst Since 1990 (Update2) – Bloomberg, 11th March 2008.
The Long Johns help you understand Subprime.
Dad believed when Maggie said: Get a mortgage, buy a home, so dad took out a great big loan. For a while there we were chuffed. Now the market has collapsed and we are absolutely stuffed. Our house, in the middle of the slump . . . .
“There is a clear and present danger of the world economy coming to a near standstill,” the UN’s Department of Economic and Social Affairs said in an analysis released today in New York. “The domino effect of a U.S. recession would be to knock down export growth from China, Europe …
The rising economies of Asia are too small and deformed to rescue world growth as America, Britain, Australia, and Club Med face their day of debt reckoning. China may make matters worse, not better. The seven pillars of global demand over the last year – measured by current account deficits …
UK house prices tumbled in November at their sharpest rate for more than 12 years, figures from a leading mortgage lender showed yesterday, in yet another sign that higher interest rates and the credit squeeze are taking the steam out of Britain’s housing boom. » Biggest drop in house prices …
THE chances of a global “growth recession,” where world growth dips to below 2 per cent, are about one in three next year, according to economists at Germany’s biggest bank Deutsche Bank. ”The bursting of the housing and credit bubble this year and the ensuing credit and banking crisis have …
Customers of the latest sub prime victim is with drawing £9,600 a second in fears the bank may collapse. £2.5 billion of 8% of deposits have been withdrawn on Friday as customers queue en mass. » Panic grips Northern Rock savers for second day – The ABC, 15th September 2007.
Global economic growth will take a hit as a result of the US subprime mortgage crisis, says the chief executive of Deutsche Bank, Germany’s biggest bank. » Subprime crisis to ‘hit world economy’ – The Age, September 2007
The Bank for International Settlements has noted the risk of a 1930s-style economic slump has been heightened by “euphoric” markets tapping cheap global credit. The bank said the conditions which led up to the Great Depression of the 1930s and the Asian crises in the 1990s were reflected in the …
The UK daily mail reports Investment Bank ABN Amro has warned of housing slump on a global scale due to soaring borrowing costs. Families have taken on ‘unsustainably large’ mortgages, leaving them vulnerable to the sharp increases in bond yields and official interest rates seen in recent weeks, wrote economist …
In the OECD’s Economic Outlook, Issue No 81, the OECD has revealed house prices in the UK are 65% too high. The report compares the price of the average house with annual rental incomes which are now 65% greater than the historic average since 1970. Another measure is the house …
Nothing like doing a bit of planning. The Financial Services Authority in the UK is suggesting some financial institutions are complacent and not adequately modeling risks. It suggests an “appropriate” benchmark was to assume property prices fell by 40 per cent and that 35 per cent of mortgages in default …
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