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72 Comments
- Attol, on 09/07/2008, -4/+105Some nutsack drew America wrong.
- adikt, on 09/07/2008, -2/+24It amazes me that some people need sarcasm labeled for them.
- Dgen_X, on 09/07/2008, -1/+19NEVER!
Buried as 'Un-Merican and possibly linked to al queda' - robert001, on 09/07/2008, -18/+30Suck it up americans. You caused this mess, so allow us to have something british on here.
- thecosmicpope, on 09/07/2008, -0/+11When house prices were rising, everyone was panicking. Now house prices are dropping, and everyone is panicking.
I really don't understand humans. - zadadka, on 09/07/2008, -6/+15Coincidentally, some flat-earth nutsacks think North America is the centre (sorry, center) of the known universe.
- waydee, on 09/07/2008, -0/+9So by 2016 they'll reach a similar peak, people will realise they aren't worth that and it can all come tumbling down again?
Great. - zadadka, on 09/07/2008, -3/+10It's a DailyMail article, so plausibility is immediately reduced.
Where demand exceeds supply, prices would quickly rise again, and far quicker than depicted here...the only fly in the ointment is that people can't buy if the credit isn't available, and Banks will seek heavier guarantees of repayment for mortgages.
In the meantime, we're headed for a rental boom, so the buy-to-let market may be what kicks starts it, ahead of the traditional first time buyer ladder. - Blitzenn, on 09/07/2008, -0/+6Yea, I couldn't find New York in that mess for nuttin! Must be photoshopped somehow!
- lion1750, on 09/07/2008, -7/+13Omg where's Illinois?
- whuddafugger, on 09/07/2008, -0/+6Areas near Mordor aren't faring too well, but property values in and around the Shire are holding steady.
- VitriolAndAngst, on 09/07/2008, -0/+5Agreed.
We want home prices to go lower. They shouldn't be looked at as investments. We want people living in them -- it was getting impossible for kids out of school to find homes.
Hopefully, houses will get back to 3x salaries in a given area. That will be good for society. But for people who looked at their homes as a cache machine? If you are upside down -- consider going bankrupt. Even with the insane change in laws, it will be worth the money, rather than throwing good money after a sinking investment. You will restore your credit by the time you would have been able to recoup the loses on the value of your home in most cases. What is the point of good credit when you have no money? You will be continuing to go deeper in debt and then will most likely go bankrupt AFTER you've paid for everything.
And you get to screw the bank that was already to screwing you first. Don't think this housing bubble came as a surprise to them. - texas85, on 09/07/2008, -1/+7Is this a new state?
- abrasion, on 09/07/2008, -0/+5GOOD! I hope it's the ***** same in god damned Australia too.
The prices were unreasonable, unsustainable and un-god-damned realistic, many people simply could not afford a home and many who did buy one, over-spent themselves.
I look forward to buying a property with a sensible sized deposit in 2 or 3 years, ideally prices will STILL be similar to now. - pinchduck, on 09/07/2008, -1/+5Well, sort of. The genius who figured out how to bundle mortgages and turn them into securities allowed the stupid mortgages made in America to be smeared around the planet. That much is true, and is the fault of us Americans and our stupid, greedy bank lenders. Zero interest loans and no money down for a half a million dollar house? A catastrophe waiting to happen. However, the stupid, greedy financiers in Britain didn't have to buy the securitized mortgages, and as a matter of fact screwed up their due diligence by not looking into the actual loans underlying the securities. If they had, they would have discovered that people who couldn't afford new homes were buying them anyway, and that the value proposition underlying the whole house of cards was unsound. The excuse that "everyone else was doing it" just doesn't wash. Due Diligence means ignoring what everyone else does and investigate yourself with no assumptions. The Brits blew that part. That said, more British content on Digg would be fine with me. Especially the Page 3 girls.
- malcam, on 09/07/2008, -0/+4..., Scotland, Wales and Northern Ireland.
- inactive, on 09/07/2008, -0/+3Maybe this graph can help you understand:
http://www.hermes-press.com/egomad.jpg - zetsurin, on 09/07/2008, -0/+3As someone who systematically hoarded hundreds of thousands of UK pounds in my bank accounts, while listening to people bragging about all the imaginary money they were supposedly making while their properties were supposedly increasing in 'value' I'd like to say, "Ha Ha!"
- twomeyw23334, on 09/07/2008, -0/+3Well due to inflation they may not technically be worth the same amount. They should increase 3% a year (at least in the US) just to be "worth the same" as when purchased.
- airwalke, on 09/07/2008, -0/+3You'd think that the kings of dry humor would recognize it when they see it.
- Gordianus, on 09/07/2008, -0/+3The British media is obsessed with house prices, and the Daily Mail is always particularly hysterical. The fact is that house prices only matter to a small fraction of people - those who are buying or selling. If you own a house and you live in it, its market value really doesn't matter. And if you are taking equity out of you home to pay for a holiday or a new car, you are taking a risk that you really ought not to be taking.
- Taiyoryu, on 09/07/2008, -0/+3Joke aside, a map for the US (or any other affected country) would be nice.
- 15charmaxwtf, on 09/07/2008, -0/+2What about if there was a flukey turn of events and the Bank of England didn't start pumping out credit fueling the boom?
Nahh, people don't learn and don't understand cause and effect, nice thought though. - Ramble, on 09/07/2008, -0/+2Your mum's meat pie stinks something bad.
- thecosmicpope, on 09/07/2008, -1/+3There are more countries than England on that map. Stop being a stereotype.
- hugolp, on 09/07/2008, -0/+2But then people could have real money and not deb money and the banks could not impose their taxes and could not earn so much money. Think on the banks please, we all have to help the banks.
- VitriolAndAngst, on 09/07/2008, -0/+2Fannie May and Freddie Mac -- private industries now, have been "realizing" their losses by pushing it forward to 4th quarter 2009. That means, they are in a worse financial situation than previously revealed.
Also, many banks are not putting foreclosed properties on the market, because they do not want to flood the market and lower prices. So we are NOT at the end of falling housing prices. The bad news will probably be revealed after the elections -- as usual. - inactive, on 09/07/2008, -0/+2Investors prepared to pay any price overheating the market using cheap buy-to-let credit as they hope to throw the grenade before it goes off in their hand = idiot
Young couple that have a child and have to get a larger place but have no choice except to stretch themselves and pay over the odds as the whole market is at a high != idiot
To anybody saying people should have rented and waited for the market to come down, I have been waiting for this drop from 'ridiculous prices' since '94 and even with a 30% drop it still won't fall back to those levels.
Phillip. - waydee, on 09/07/2008, -1/+3I'm just glad the correction has/is happening - people looking to buy in the next year or two actually stand a chance of paying a fair price for a house that they can make a tidy profit from when we get to the next peak, should they want to. People were being priced out of the market for no good reason, theres a shortage of affordable housing in the UK so a drastic fall in values is very much welcome, at least amongst first time buyers.
The only people moaning are the idiots who paid way above the odds at the wrong time and are now deep in negative equity. - TheOther1, on 09/07/2008, -0/+2It's not?!
- evilgourmet, on 09/07/2008, -0/+2America's home prices aren't likely to recover, because the prices were artificially inflated.
- p51d007, on 09/07/2008, -0/+2Thank you very much congress for introducing this mess. They fought to make it easier for those who's credit ratings preclude them from every owning a house, to buy a house. Couple that with the "keep up with the Jone's" attitude of the yuppie factor, and you not only had people buying houses that couldn't afford it, you had idiots buying houses to flip them later for a profit. Now you have those who shouldn't have ever qualified for a house, not being able to pay for them after their ARM went up, and the idiots who bought houses based on the equity of their other house, losing both of them when the real estate market
tanked. Then you have chukie shumner spouting off causing a run on the banks out west.
Once again, congress gets involved in a private business, and screws it up for everyone. - Bloodwine, on 09/07/2008, -0/+2Personally, I could care less about how much my house is worth. It's my shelter, my home. It is not an investment. People need to stop thinking so short-term when it comes to their shelter or treating it like an ATM machine.
- Teddsy, on 09/07/2008, -0/+2back to life back, back to reality. as the song goes........
- eryximachus, on 09/07/2008, -0/+2Umm, it is the British who created modern banking, which is what "caused this mess". New York didn't eclipse London as the financial capital until after WWII, and now London is very close if not at parity.
- spoonchucks, on 09/07/2008, -0/+2Reach out and touch faith. :P
- oneredeye, on 09/07/2008, -1/+2Buried as inaccurate.
- hugolp, on 09/07/2008, -1/+2If people believe houses are going to reach this level again so quick are just plain crazy. This is a wish from investor more than any real prediction.
- roodammy44, on 09/07/2008, -1/+2Although it seems inaccurate, it probably wont be.
What the government seems to be trying right now is a massive devaluation of the pound. Inflation is rising rapidly (food and essential bills up by over 25% since the start of 2006) and the private sector are starting to increase wages too.
The houses may get back to the same pound valuation by those dates, but the value of the pounds themselves will be much less.
They can't control the houses losing their overvaluation now there's no more cheap credit - OfficialJoe, on 09/08/2008, -0/+1Right next to The Iraq
- inactive, on 09/07/2008, -0/+1The quotes are from Savilles, which are a pretty large UK estate agency. Certainly not authoritative but interesting as it's in estate agents interest to paint a rosy picture.
I doubt the buy-to-let market will be the thing that kick-starts it, it's one of the things that's already pushed the market to its peak. 1) The way many have been funding their buy to let is to buy a cheap place, and remortgage later using the capital appreciation to enable extra capital to buy the next place. This does not work in a falling market. 2) The glut of new build and the promise of Gordon Brown to buy them up and rent them out means state-subsidised competition entering that market. 3) Gordon Browns scheme to bail out those that cannot make their mortgage repayments in return for offering cheap rental (a) reduces those being ejected from home ownership into the rental market and (b) undercuts the local rental market. 4) Worse credit conditions means less ROI on a buy-to-let in the UK making investing in buy-to-let abroad more attractive.
Phillip. - sartan, on 09/15/2008, -0/+1I'm absolutely terrified! I've scraped and saved for my house that I bought last year, and I started to rebuild my savings. Inflation is so high in Canada (Thanks, US mortgage market) that I wonder why I'm even bothering holding onto liquid savings. I am going to be house poor for ten years!
- carpespasm, on 09/07/2008, -2/+3Actually I find it interesting to see how these things play out in other countries as well. And most of us didn't cause this just as I'm sure most Brits didn't have any involvement in their country's housing problems. It is somewhat surprising to see non-American perspectives shown on sites such as this without the title including a nod at that fact, but it's pretty cool too. The interbutts is supposed to be for everyone.
- alpharaptor, on 09/07/2008, -1/+2...In the Isles.
- Tasach, on 09/07/2008, -0/+1The pound is going rapidly down the toilet.
- Tasach, on 09/07/2008, -0/+1House prices matter to most of the population. As many see house as their pension. I agree on the rest of what you said though! a house is not a piggy bank.
- Matsky, on 09/07/2008, -1/+2How about just leaving it at the United Kingdom? Settled?
- inactive, on 09/07/2008, -1/+2so what if all the money in the world can be traced back to the City of London (note: not London but the City of London, sic); New York still ain't too shabby
- kyleandstan, on 09/08/2008, -0/+1Actually, in Mordor prices are super low (basically, just lava and orc turds), but *around* Mordor is basically the suburbs. The Shire seems like a it would be a nice place if your only familiarity with its history stops where the movie stopped. The shire actually got burned down and was in a terrible mess. They rebuilt, but it was never quite as beautiful...
- BotchaMcCoola, on 09/08/2008, -0/+1I like that optimistic title. But will the Bush wars ecoonomic effects arrive soon and be as bad as the Vietnam ones?
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