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.
6 comments:
Housing crash today, banking crisis tomorrow.
Housing crash yesterday. Banking crisis today. Economic crisis tomorrow. Tory party the day after.
Nick
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.
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.
P.S. Who'll bet against hitting 100 on thi index by the end of the year? I wouldn't.
B. in C.
Well the American economy went from full on boom to full on bust in about 5 weeks.
We're positively sedate in comparison.
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