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.
“You are still an idiot, the what. Take a look above. Brooklyn real estate is not only doing fine BUT STILL INCREASING!”
Yo Assfuck, sales VOLUME has fallen off a cliff. The are selling 1 house that’s overprice and the rest of the inventory is just sitting there!
Go in a Real Estate office and ask them “When was the last time you had a closing”? If they are truthful they will say “Not in a long time”.
There are 20 stories that are bad compared to this piece of bullshit! You why the “Super Rich” is OK?! Those are the ones who have ass-fucked your 401k’s, Mutual Funds and Retirement savings. Ask those people who held on to ENRON after the NASDAQ implosion. Stupid Mother Fucker!!!!
The What
Someday this war is gonna end..
Brownstoner Fix this fucking site asshole!
So you don’t hate black people, Dave but you hate all 70,000 people in Park Slope?
God you are so useless and moronic. Aren’t you supposed to be gone by now?
Now I see why all you people hate the Park Slope people. I didn’t understand before.
This article is about places that had a majority of properties selling recently under “too-lax lending standards”.
Uh, how does that apply to NYC? NYC is chock full of QUALIFIED buyers. And full of coop buildings in which you can’t even get a foot in the door if you aren’t financially qualified. The majority of sales were to qualified buyers under proper lending standards. For the few that did take out loans they didn’t really qualify for, most will be able to SELL not have to foreclose. Sure not for as much as two years ago but at least we have buyers here. So many other cities, states and countries don’t have buyers. And that’s the big problem.
Not saying we won’t be affected, of course we will, but it’s apples and oranges, sorry.
i’ve been in Brooklyn since 2007 and you ll know that i think i know everything!!!!! LOL
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You are still an idiot, the what. Take a look above. Brooklyn real estate is not only doing fine BUT STILL INCREASING!
And now:
In an epic article today on why the super rich are still spending superbly, the Times wrote that buyers have “already closed on 71 Manhattan apartments that each cost more than $10 million, compared with 17 apartments in that price range during all of 2007.”
all renters / side-liners, please disregard this link!
Brooklyn Home Sale Prices Inch up 3 Percent in the First Quarter of 2008, New Study Finds
“as a true Brooklyner who was here from the beginning 1997, I know) and that it will never suffer from a drop in real estate prices, so we can end this argument once and for all. Thank you!”
Mother Fucking Asshat Alert! How about “I was born and raised here” ??!! Like The What!! You asshats kill me and I want to see you here in the meltdown!!! The Youngins will use your ass for batting practice!
Credit conditions are very bad! That’s why you see thats Assfuck Brownstoner jumping to the band wagon! Watching your “investment” going down the drain is real hard!
RIP Mutant Real Estate Bubble!
The What
Someday this war is gonna end…
BTW I’m off my fucking meds!!