This chart has nothing to do with gloom or doom in the housing market but I thought it was a pretty chart
Posted on 09/21/2006 8:02:27 PM PDT by GodGunsGuts
The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops
NEVER before have real house prices risen so fast, for so long, in so many countries. Property markets have been frothing from America, Britain and Australia to France, Spain and China. Rising property prices helped to prop up the world economy after the stockmarket bubble burst in 2000. What if the housing boom now turns to bust?
According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs. Not only does this dwarf any previous house-price boom, it is larger than the global stockmarket bubble in the late 1990s (an increase over five years of 80% of GDP) or America's stockmarket bubble in the late 1920s (55% of GDP). In other words, it looks like the biggest bubble in history.
(Excerpt) Read more at economist.com ...
This chart has nothing to do with gloom or doom in the housing market but I thought it was a pretty chart
Of course, the same applies to fearmongering gloomwhoring blogpimpery.
It's your story, tell it however you want.
I just got done reading an article that stated when Japan lowered interest rates to zero, they still couldn't attract any RE buyers. Real Estate continued to decline for over a decade.
Actually, in my area, it it mainly Wall St. folks. Last 3 sales in my building in fact.
Your mouth must be tired.
Actually, in my area, it it mainly Wall St. folks. Last 3 sales in my building in fact.
Where are they from? Bet you a buck they've been in the city less than 5 years.
Youur bad attitude wont keep you in gloom and doom long buster
That it is.
But I love the gloom! I crave the doom!
I'm just a slave to the gloom and doom!
And the stats on South Africa were bogus.
Exactly so; sadly.
Press agentry.
The best thing the Post ever did -- except for Headless Body etc. -- was the Lizzy Mobile after the Grubman affair. I loved the Lizzy Mobile.
I live in Spokane, WA, and in comparison to other similiar markets around the country Spokane is still very reasonable for housing costs.
To the east of us in Northern Idaho prices have gone up drastically. To the west of us near the cascades in Chelan County property has gone up drastically. Here in Spokane you can still get a nice 5 bedroom/4bath/3 car garage in the low 400's. These are 4000+ sq ft homes.
I don't know about the rest of the country but with one kid here, one due in a few months, and a third planned my wife and I are preparing the home we live in now to sell in the Spring and upsize in a better school district.
I hate to lose out on my fixed 4.6 15 year note though. :(
I wouldn't buy real estate either if banks were having a hard time making loans, because such a banking problem causes deflation.
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