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278 comments on DrumBeat: July 26, 2007

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Burgundy on July 26, 2007 - 4:02pm Permalink | Subthread | Parent | Comments top

Ireland was also a hot property market once. Seems like globalisation is a double edged sword. No doubt people will be calling for protection from it before long.

House prices plummet by up to €10,000 [$13800] every month
http://www.independent.ie/national-news/house-prices-plummet-by-up-to-eu...

THE value of average priced homes in some areas of the country is plummeting by €10,000 each month.

Estate agents last night confirmed that - despite recent concessions for first time buyers - there has been an alarming drop in house and apartment prices across the country over the past three months.

Experts say the drop is being fuelled by the growing number of homeowners who are selling their properties because they can no longer afford to meet mortgage repayments.

They are being forced to drop the price of their homes in a desperate bid to sell as nervous buyers continue to sit on the fence.

Triumvirate of collapse - Economy, Ecosystem, Energy

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Burgundy on July 26, 2007 - 4:44pm Permalink | Subthread | Parent | Comments top

The UK housing market is also now failing. A global housing bubble problem?

UK house prices 'stall' in July
http://news.bbc.co.uk/2/hi/business/6916823.stm

The sharp slowdown in July's house price numbers could show that potential homebuyers are thinking twice about overstretching themselves in a higher interest rate environment

Considering that the UK is more in debt per capita than the US, I'd imagine they're considering how massively overstreatched they already are.

The UK fails horribly on economic, ecosystem and energy... they're toast.

Triumvirate of collapse - Economy, Ecosystem, Energy

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ozkrenske on July 29, 2007 - 5:48am Permalink | Subthread | Parent | Comments top

"The UK fails horribly on economic, ecosystem and energy... they're toast."

I have to disagree a little here. The UK is getting more and more integrated with Europe at the economic level every year. And Europe while not exactly booming over the last 3-5 years has also been making much more effetive use of it's advances. More public transport, more alternative energy, Less debt (excluding Britain and Spain) at the personal level.

Also the UK has only just started importing Oil and Gas. The US can't say that they are still 90% domestic for their Oil but the UK can (mind you it will be dropping quicker). Cut off British oil imports and prices of petrol would spike causing a shift of travel to the public tansport infrastructure. Cut off US imports and people start to starve, no public transport to fall back on and people have to travel just to get to food (you could limit use to food distribution, and the military/emergency services, but people may still need to travel 10 mile round trips for food in desert climates).

I suspect no country will handle the situation well but I disagree with the UK failing horribly in the short to mid term (2-5 years).

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