Housing Collapse: A Global Domino Effect?
The United States’ residential housing market collapse is shaping up to be an international trendsetter, according to article in today’s Times. The mortgage meltdown that’s caused our bubble to burst is spreading to other countries that’ve seen rapid housing appreciation in the last decade or so, like Ireland, Spain, England, and Eastern European capitals. The…
The United States’ residential housing market collapse is shaping up to be an international trendsetter, according to article in today’s Times. The mortgage meltdown that’s caused our bubble to burst is spreading to other countries that’ve seen rapid housing appreciation in the last decade or so, like Ireland, Spain, England, and Eastern European capitals. The article notes that the “synchronized global slowdown, which has become increasingly stark in recent months, is hobbling economic growth worldwide, affecting not just homes but jobs as well.” Beyond Europe, prices are also going down in India and southern China. The worldwide troubles are largely being blamed on too-lax lending standards and over-valuation of properties. The situation threatens to sink vibrant economies in countries like Ireland and Spain, where residential investment has played an outsized role in bolstering growth. As new construction slows, unemployment is rising, and houses are sitting empty.
Housing Woes in U.S. Spread Around Globe [NY Times]
Photo by JohnLeGear.
I’m really disturbed by how homophobic many of these posters are. I can’t imagine how the little chit-chat between dave, biff, etc. is either harmful to Brownstoner or innately dangerous in any way. Once again, but not for the last time, I’m sure, I’m mildly shocked at how provincial/racist/homophobic/intolerant the would-be cultured brooklynites are…Especially the person bragging about living in Brooklyn Heights, which is a pretty tacky place-Southampton–genuinely gross–and “Paris”–as if those three signifiers mean anything linked together. It just tells me that a rich, tacky person, who probably doesn’t even speak enough French to realize that their Parisian neighbors despise them, has the bad taste to go to wherever people with more money than common sense go. I bet the “Paris” place is somewhere like St. Germain, where only an idiot would buy something, and its full of fearful fat American tourists. Seriously. I know this isn’t Manhattan, even virtually–but honestly. Daveinbedstuy and the What are more interesting than most of this posturing, flatulent, “I’m so rich” dreck. I seriously wonder, not to get overly psychoanalytic, but–how “small” some of these “big” men actually are–it really is too rich.
It’s funny that the posters on this board actually think that the government is going to fix lending practices and that there will not be any slimy lending practices in the future.
Here is how our country works – a huge scam where a few people made a lot of money off the masses is exposed – i.e. Enron, Savings & Loan, today’s credit crisis, etc.
The politicians talk about fixing it for good by passing stricter regulations. They get elected then either dont pass legislation or pass legislation that is easy to get around.
The companies start to rip off people just like they were in the past but on a larger scale and get a way with it longer.
Things dont get fixed. The rich get richer, the politicians set things up to allow their buddies to rip people off.
Lending practices will ease again soon. Matter of fact it is relatively easy to get a loan right now.
Sneaky Pete
Okay fine, but we don’t care what Brooklyn prices do, 1:04, because NYC is the only place we can make a living at what we do. There are millions of people who are just like us and because of that properties will never be cheap here no matter how much you wish it so.
But you’re right about Biff and his buddies. They’re clearly not real people. It’s some weird tactic for this site. Maybe trying to fill in and make posts when there are fewer posts, so the advertisers are happier? Who knows.
Biff and his buddies are an orchestrated attempt to drive cogent posting from this site. You’ll notice they appeared just as some truly astute businesspeople/financial planner types started posting regularly, and to the effect that it makes no sense in economic terms to buy at these prices.
As to the geniuses who insist on repeating, ad nauseum, that Brooklyn is Valhalla, and that prices only go up, and yadda; you know nothing of finance, and are about to get swept into the dustbin of economic history. Major and regional banks are about to collapse; option ARMs are about to re-set; Wall Street is about to pink slip a third of its workforce; the credit game is over.
Yawnstoner.
“What happened to cool people like Montrose Morris? Were they turned off by the inanity?”
They’re too busy staging their brownstones for short sales. The Titanic has hit the iceberg.
Seriously, who *are* these people, dave, jerri, and Biff? It seems as if they just started to post about a month ago, and the commentary on this site has turned personal and inane.
What happened to cool people like Montrose Morris? Were they turned off by the inanity?
Yes Dave go up your ass and wake up the other 2 spoogers.
Yeah Dave, hit them with a gangbang. You know your way around that, I’m sure.