Which housing market is in more trouble, the UK or the US?
According to the Case-Shiller index, the US housing market peaked in July 2006. Since then, the composite 20 index is down 25 percent. Moreover, it took 28 months to clock up that price decline. In other words, the US market fell roughly 0.9 percent a month.
Here in the UK, the market kept rising until October 2007. Since then the market has fallen 19 percent. That decline was accumulated over 15 months, which adds up to a monthly decline of about 1.3 percent.
In absolute terms, the US crash is ahead of the UK's, but we are catching up fast. If present trends continue, the UK should overtake the US by mid-year.