There are so many wonderful ways to represent the housing crash. Yesterday, I posted a chart that started in 1996 and covered the UK, US and Irish housing markets. Today's chart starts at the peak of each bubble and sees where the average house price is today.The US is definitely in the lead. The housing crash over there is now almost two years old. Although house prices in Ireland haven't fallen as far as in the US, the Irish crash hit the ten percent decline well before their US counterparts.
As for the UK; the crash was last out of the blocks. However, it is making up ground quickly. Although the UK crash is only six months old, the monthly declines so far has been steeper than the other two crashes.
Many thanks to asteve for an excellent suggestion.
7 comments:
It is all so beautiful....
Top stuff, do you fancy sticking UK commercial property on there as well?
Alice,
Nice chart, and a very good way to conceptualise it. I'm still thinking the faster crash is because the US crash had already shattered the illusions and softened up the banks.
Nick
Mark, I haven't been able to find any data. If you know where I can find it, I will post it.
Alice
The US crash looks like a game of two halfs. First half, slow; second half, the pace picks up.
That's a handy graph... though, we could extend the X axis backwards too, couldn't we? This would show if the faster falls arise as a consequence of prior experiences in other countries; the rate of HPI prior to prices turning - or something else.
;)
Ha UK last out of the blocks. We've barely started over here in Aus. Lovely chart though, thankyou.
I've got lots of nice charts too. like this: http://bubblepedia.net.au/tiki-browse_image.php?galleryId=1&sort_mode=created_desc&desp=20&offset=0&imageId=2
all the best
dan
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