It is getting extremely difficult to find any house ramping stories. The message is hitting home; the housing crash is here to stay.
UK housing crash is over before it started
The independent indulges in wishful thinking, which is about as close as we get to a bubble bloater this days. "Crashes aren't good for us but at least we'll find the floor. And by 2010 we could be looking up." After this blag is over, Banks will shy away from mortgages for a generation. There will be no recovery. Remember that - NO HOUSING MARKET RECOVERY. If there is, I will eat my hat.
Bloggers speculate on the Freddie and Fannie bailout
The big story; and there is lots of good analysis out there. Here is a collection of useful links: Mish;Calculated risk; Econobrowser; and big picture.
How shot the celtic tiger?
"We were never going to have a soft landing. This is a crash in the housing market. Look at what is happening to price, to transactions [volume], to building activity." Dr Alan Ahearne, economics lecturer at the National University of Ireland, Galway.
The summer of discontent
Oil prices and the credit crunch; all we need now is a worldwide slowdown.
Debt collecting Nu Labour
Absurbity layered upon incompetence: "Northern Rock is using aggressive debt recovery tactics which are putting at unnecessary risk the homes of people struggling to pay back loans, say debt advice experts. The bank is rushing to take court proceedings against defaulters and is unsympathetic when borrowers try to negotiate repayment deals to avoid their homes being repossessed."
Pick your panic
Fannie, Freddie, Lehman, oil, stocks: How Wall Street became paralyzed with fear.
Emergency scheme to help cash-strapped homeowners
Foolish ideas are proliferating like weeds in an unkept garden
"Homeowners struggling to meet their mortgage payments would be able to sell their homes to the local authority and rent them back as tenants under radical proposals being considered by the government to prevent the misery of repossession."
The misery of repossession would be transformed into a massive loss for local authorities. Any house sold today will be worth less in a year and a lot less in five years time. Who will cover this loss? The local authority? The council tax payer?