In my most recent post, I gave a fairly comprehensive retrospective of the year that was. Near the end of that post, I listed a number of posts I wrote in Octobr and November which point to how I see 2009 shaping up. Let me give you a more direct assessment here. I will finish it off with my top ten predictions for 2009.
residential property's tag archives
Top ten predictions for the 2009 global economy
Dec
20,649 views
Martinsa Fadesa: Asset value drops 30%, liabilities much larger
Dec
FT Alphaville is reporting that Martinsa Fadesa, the bankrupt Spanish property developer, has seen the value of its drop 30% this year alone. Spain has largely slipped from view as the credit crisis has reached global dimensions. However, it bears remembering that Spain, along with the U.S., the U.K. and Ireland have been at the forefront of residential property price falls.
203 views
Treasury Considers Plan to Halt Home Price Slide
Dec
Marshall here. Slowly but surely, the Treasury is beginning to move more aggressively on providing help to homeowners, as opposed to bankers. This makes sense: A financial meltdown and housing deflation cannot be cured simply by pumping money into the banking system. You also have to consider a program which provides mortgage relief to homeowners as well.
39 views
More on California Housing data
Dec
Marshall here, as Ed is busy sunning himself in the Bahamas, whilst I am stuck in snowy Denver! It sounds as if JMP Securities has also read the California report that I discussed recently. This is the first outside source that I have seen respond to that report.
It is so ironic. I think that the blue collar areas that were the most in danger financially have been corrected, perhaps even over corrected and yet the markets are focused on other things even though, housing was always what America’s monetary and fiscal authorities were looking to cure for the financial system to stabilize.
Treasury to Consider Further Measures to Halt Housing Slide
Dec
The Treasury Department is considering a plan to halt the slide in home prices that would lower mortgage rates using Fannie Mae and Freddie Mac. The plan could reduce rates for newly issued loans to as low as 4.5%. Slowly, but surely, the government is moving in the right direction. It is beginning to dawn on Treasury (albeit, belatedly) that a prerequisite for economic recovery is not just the stabilisation of the banking system, but some sort of program which provides mortgage relief for home owners. This plan is a small start.
I have a problem with this though. It is “trickle down”.
UK: House price fall moderates, prices still down 13.9% in year
Nov
Today the Nationwide released their monthly UK-wide figures on house prices and the numbers were better. House prices fell 0.4% in the last month, bringing the annual fall to 13.9%, down from 14.6% in October.
Nevertheless, this is the 13th month in a row that house prices have fallen in the UK. Obviously, the UK is poised to have a sharp property fall that is worse than in the early 1990s.
148 views
Case-Shiller Home Price index shows a 17% fall
Nov
The S&P/Case-Shiller® Home Price Indices were released yesterday. Unfortunately, I was away all day and could not post. The indices showed a further decline in home prices in the United States through September 2008 (the data most recently available). In the year to September, prices dropped 17.4% for the Composite-10 index and 18.6% for the [...]
1,116 views
Peter Schiff: they laughed at him, now he’s laughing back
Nov
I have been tied up with other activities all day today. But, I just had to send this post on Peter Schiff. My brother-in-law sent me this video a second ago of Schiff predicting doom and gloom on YouTube. And it’s actually kind of funny to look back and see what he was saying in 2006 and 2007 and how he was pilloried. His calls were uncannily right on the money.
Toronto house prices in free fall
Nov
Canada has been one of the last housing bubble markets to crack. But, crack it has. The Toronto Real Estate Board reported that house prices crashed 13% from $434,022 on average last October to $376,896 this past October. With job losses mounting on Bay Street in Toronto as the financial services sector contracts [...]
Nationwide: UK house prices down 14.6%
Oct
The rate of decline in house prices in the UK is accelerating. Today the Nationwide released their monthly UK-wide figures on house prices and the numbers were fairly grim. House prices fell 1.4% in the last month alone, bringing the annual fall to 14.6% or nearly 20% in inflation-adjusted terms.
This is the 12th month [...]
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