What's the housing market like at the moment?

[numbercrunch 10]

Not to mention the idiot of a chairman at Nationwide putting his foot in his mouth.

 

or to put it another way, it is possible for someone involved in the housing industry to tell the truth rather than toe the line.

[Sheffy2008 10]

Not to mention the idiot of a chairman at Nationwide putting his foot in his mouth.

 

 

He took it out, for once.

 

 

Get in line Tony, there are many going to follow his lead...you will too, but as it ain't accepted by the sheeple yet, I expect you follow on later.

[BertieBasset 10]

unless both his comments and those of the HBOS CEO could be construed as an attempt to influence the outcome of the Crosby report (that's published in the next couple of weeks) by scaring the government to take the bolder option and support the housing market to prevent such potential falls.

 

Not to mention the idiot of a chairman at Nationwide putting his foot in his mouth.

[rustyfunk 10]

unless both his comments and those of the HBOS CEO could be construed as an attempt to influence the outcome of the Crosby report (that's published in the next couple of weeks) by scaring the government to take the bolder option and support the housing market to prevent such potential falls.

 

If thats what hes trying then that would certainly qualify him as an idiot. Theres nothing bold about keeping a bubble inflated.

 

Interesting article which mentioned this in the economist

 

http://www.economist.com/opinion/displayStory.cfm?source=hptextfeature&story_id=12070800

[nickyboyzuk 10]

So here we are. The economy is going down the tubes and the housing market is going with it.

 

It looks like the 700 Billion Dollar rescue plan is going to fall through. If this happens the world economy looks like it will implode and we'll end up in the mother of all depressions.

 

You think last week was bad? Well just wait and see what the next 4 weeks will give us!!

[zabre 10]

So here we are. The economy is going down the tubes and the housing market is going with it.

 

It looks like the 700 Billion Dollar rescue plan is going to fall through. If this happens the world economy looks like it will implode and we'll end up in the mother of all depressions.

 

You think last week was bad? Well just wait and see what the next 4 weeks will give us!!

 

There may be a slight problem with the bailout, but that is by the by.

 

Sub-prime is not the problem, the problem is ALT-A. And the UK is rife with ALT-A.

 

Here is an analysis of the sub-prime and ALT-A markets in the USA. Not quite the same as the UK, but similar enough.

 

www

.youtube

com/watch?v

=pmeBSWI9sF8

 

Summary: ALT-A debts = 400k average

Sub-prime debts = 200k average.

 

ALT-A are not subprime they are full documentation (non-liar loan, good credit score) debts, now defaulting at similar levels to subprime approx. 1 year earlier. The Middle class that have removed equity from their homes (holidays and flash cars) will be feeling the pinch pretty soon.

[frankief 10]

God Bless the USA!

They have given us so much! Popcorn, skateboards, graffiti, gangs, bling and war..and now economic ruin Not a patch on the Roman Empire, was it?

It's like knocking around with the school bully, you feel like a tough guy but one day he gets sorted out and then you've nobody to hide behind.

Why can't we think for ourselves? Like the French do for example.

Yes, we are linked too much to the USA and will suffer accordingly. House prices will tank, but if you aint got a job you wont get credit to buy anyhow.

[sham71 10]

And just when we need them most, Phil and Kirsty - sorry, Phylis and Tony have left the building - almost on the same day!!

 

Who is going to tell us to buy at all costs now?

[barny_100 10]

God Bless the USA!

They have given us so much! Popcorn, skateboards, graffiti, gangs, bling and war..and now economic ruin Not a patch on the Roman Empire, was it?

It's like knocking around with the school bully, you feel like a tough guy but one day he gets sorted out and then you've nobody to hide behind.

Why can't we think for ourselves? Like the French do for example.

Yes, we are linked too much to the USA and will suffer accordingly. House prices will tank, but if you aint got a job you wont get credit to buy anyhow.

 

What fantastic analysis, thanks for that. If I want dumb anti-Americanism I'll get The Independent

[Tooeg 10]

That's interesting The forum has e mailed me with frankiefs well considered and eloquent reply and the moderators axed it.

[nickyboyzuk 10]

I have a colleague at work who is desparate to buy his first home. He's got 20K from his mother in law as a deposit on a 80K house. Even with such a good deposit only one bank would touch him and that was with a rate of 8.3% fixed for 3 years. That went up to 8.9% when they found a missed rent payment it went up again to 9.8% after the problems in the US two weeks ago.

 

He has paid £700 in solicitors fees and really wants to go for it still, but I suspect there may be another increase with the problems of last week.

 

We may not have rates of 15% yet, but we seem to be heading that way.

[barny_100 10]

I have a colleague at work who is desparate to buy his first home. He's got 20K from his mother in law as a deposit on a 80K house. Even with such a good deposit only one bank would touch him and that was with a rate of 8.3% fixed for 3 years. That went up to 8.9% when they found a missed rent payment it went up again to 9.8% after the problems in the US two weeks ago.

 

He has paid £700 in solicitors fees and really wants to go for it still, but I suspect there may be another increase with the problems of last week.

 

We may not have rates of 15% yet, but we seem to be heading that way.

 

I wouldn't buy a house in that situation. Leave it for a year and see how things lie. Not worth buying something falling in value and paying 10%, 10%!!!, interest on it...IMO anyway