Certainly the house price crash is happening faster and harder than I expected.
The average North American house is now down 23% in the last three months and we are about 13 months behind them. The British Banking Association figures out yesterday were horrific for the number of mortgage approvals:
May 2008: 27,968
May 2007: 77,443
That is a 74% drop in the number of mortgages approved in May this year compared with May last year. The vast majority of house sales involve a mortgage so its a good indicator of why estate agents and conveyancing solicitors are going bust left right and centre.
This is 1990.
Prepare yourself. Avoid debt. I predict mortgage rates above 9% and a sharp, deep, recession.
WWW