Thursday, 7 August 2008

Go on, admit it, you never thought it would happen this fast.

According to the Halifax, house prices fell a healthy 1.7 percent. So far, the crash has rolled back prices to their May 2006 level. Overall, house prices are now down 10.1 percent from their peak.

The crash is happening far faster than anyone anticipated.


British Banker said...

Housing crash today, banking crisis tomorrow.

Anonymous said...

Housing crash yesterday. Banking crisis today. Economic crisis tomorrow. Tory party the day after.


aSteve said...

On the contrary, I can't believe the crash has been as slow as it has been - considering the fundamental change that has affected mortgage availability.

I think this is a fascinating document that illustrates both why we experienced the gratuitous boom - and gives an insight into the scale of the crash we should expect.

Anonymous said...

I think the gradient up the bubble on the real house prices graph is about the same as the gradient down, as usual :)

B. in C.

Anonymous said...

P.S. Who'll bet against hitting 100 on thi index by the end of the year? I wouldn't.

B. in C.

Anonymous said...

Well the American economy went from full on boom to full on bust in about 5 weeks.

We're positively sedate in comparison.