Who thinks this, and can you give evidence sop to speak to back up your claim.
Me personally, I think there will be and a lot of people will be screaming, going bankrupt and throwing themselves off bridges. or summit like that, maybe not as bad as that lol.
2007-02-14 02:22:58 · 12 answers · asked by Anonymous in Politics & Government ➔ Government
The slump is already there, and it is going to go lower before it gets better.
But I do have to say, your flare for the dramatic is absolutely Oscar worthy. . .
2007-02-14 02:30:45 · answer #1 · answered by volleyballchick (cowards block) 7 · 1⤊ 0⤋
Yes. "Mike Whitney writing at ichblog.eu estimates that the housing market falling is "cutting off the additional $825 billion of cash which was extracted from home-equity just last year." This has GOT to be very, very bad news (VVBN), as not spending $825 billion is (gulp!) not spending 7% of GDP! For crying out loud! We're freaking doomed!"
Home loan lending criteria has already started to become more critical. Housing starts and prices are down something like 8%. Existing home sales and prices are down. As prices slow the trend will feed on itself and the fall will continue. A huge number of people are already over extended, so it's likely to have a fairly long, and painful run to the downside. What more evidence do you need?
2007-02-14 10:36:29 · answer #2 · answered by Clueless 2 · 1⤊ 0⤋
Sadly, bank interest rates will rise again this year, possibly by at least 1%, which will be enough to cause a slump in house buying and much negative equity. How some of the first time buyers will cope...goodness knows! OK, house prices will start to fall, but the cost of a mortgage will be out of reach of many.
2007-02-14 10:30:04 · answer #3 · answered by More or less Cosmic 4 · 0⤊ 0⤋
By the way you said summit rather than something I must assume you are British and talking about this UK market.
I think that we may have one more interest rate rise and then settle down. Prices in the South have still gone up slowly during the last few months whilst rates have gone up but I think that it will slow down this year. Then possibly rise again at the end of next year.
2007-02-14 13:14:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
That depends on what state and city you are in. I live in a college town that EVERYONE wants to live in and these houses ALWAYS go up in value. There will only be a slump here if there is another Great Depression!!
2007-02-14 10:26:42 · answer #5 · answered by DL 2 · 0⤊ 0⤋
There already is a slump. The housing market slowed down in the early fall.
2007-02-14 10:26:34 · answer #6 · answered by Sparkles 7 · 1⤊ 0⤋
There is a slump here in Massachusetts and new expensive houses are not selling. Also there are a lot of pre-owned homes for sale too.
2007-02-14 10:30:00 · answer #7 · answered by Aliz 6 · 0⤊ 0⤋
There is a slump in housing prices here in Michigan
2007-02-14 10:25:36 · answer #8 · answered by Anonymous · 3⤊ 0⤋
As soon as the gippos move into town.
Your house prices will hit rock bottom.
That lovely view you had of the common now looks like glastonbury full of white guys with dreadlocks and girls that smell of meat and potatoe pies.
2007-02-14 10:27:49 · answer #9 · answered by marvin t 1 · 0⤊ 1⤋
read something in the most recent issue of Forbes magazine that housing prices seem to be stabilizing and this is also reflected in the stock prices of home builders such as toll brothers (TOL) and Beezer Homes (BZH), among other home builders.
2007-02-14 10:26:58 · answer #10 · answered by Mark 1 · 1⤊ 0⤋