This morning I am enjoying the monthly Barnard Marcus property auction:
Barnard Marcus Auctions - Current Auction Guide Prices to current London and Nationwide auction lots
For anyone still in denial about the breathtaking depth and speed of the housing crash it would be a real eye opener. In previous post war recessions there has been a close positive correlation between the house price crash that preceded it and the size, shape and depth of the recession that inevitably follows.
Already in the last hour the following evidence has gone under the hammer:
Lot 15
(SOLD previously on 20/12/2006 for £250,000)
Flat Mallard Court, Flat 19, John Dyde Close, Bishop's Stortford, Hertfordshire, CM23 3BD
http://www.eigroup.co.uk/onlineaucti......68&l=509505
Lot 15: Sold £131,000
(A loss of -£119,000 in 20 months, -£5,950 a month, -47.6% decline)
Lot 37A is coming up in a minute:
Apartment 8, Block A, Pollard Street, Manchester, M4
Sold in 2004 for £208,250 and today, having been repossessed by that bespectacled singing idiot from the Halifax they are ASKING £85,000 for it... (59.2% off) What will they be bid I wonder?
There are literally hundreds of similar examples from up and down the country at this and other auctions over the past few months.
Its over. The Mortgage Equity Withdrawn lifestyles, the second holiday homes, the property is my pension, the Buy To Let millionaire dream, the rising equity clearing the credit card rescue. All gone.
Billions and billions of pounds worth of money is being DESTROYED. Spending will HAVE to reduce. The economy WILL shrink. In a major recession several airlines ALWAYS go bust.
Join the dots and work things out for yourselves. The media will put a positive spin on things all the way to the bottom.
WWW