House Prices Drop US/UK Housing Crash? Subprime Bubble

The Thrifty Scot: Economists expecting massive house price crash Economists from a leading consultancy firm have painted a very bleak picture of the housing market a year from now, having predicted that house prices are set to continue plummeting, and that in a year’s time house prices could be around 35 percent lower. This, said the economists from Capital Economic, would make this the worse housing crash in the history of the nation.

Original post by gone-to-colombia

bbc: Bigamist jailed for three years He was also convicted in his absence of forging Ms Pollard’s signature to obtain a £10,000 loan from Northern Rock.

House Price Bookmark
These icons link to social bookmarking sites where readers can share and discover new web pages.

Original post by mark

FT Alphaville: AIG’s Ocean TV In September Ocean Finance launched a dedicated television channel named “Ocean TV” on channel 888 on Sky. FT Alphaville spent some time watching said channel last night, and was errr a little shocked. The programming is stacked with “Changing Rooms” style programming talking up equity release, personal loan programmes to encourage home improvements, new cars etc — as if Changing Rooms and Property Ladder themselves didn’t contribute enough to the respective UK property bubble. There’s more though, products range from re-mortgaging loans, debt consolidation loans, home owner loans, etc.

House Price Bookmark
These icons link to social bookmarking sites where readers can share and discover new web pages.

Original post by mountain goat

MarketWatch: Payrolls plunge by stunning 533,000 in November U.S. nonfarm payrolls plunged by an astonishing 533,000 in November, the worst job loss in 34 years, the Labor Department reported Friday.
It’s only the fourth time in the past 58 years that payrolls have fallen by more than 500,000 in a month. Since the recession began 11 months ago, a total of 1.9 million jobs have been lost.
The unemployment rate rose from 6.5% in October to 6.7% in November, the highest jobless rate since October 1993.

House Price Bookmark
These icons link to social bookmarking sites where readers can share and discover new web pages.

Original post by 51ck-6-51x

Bloomberg: Employers in U.S. Cut 533,000 Jobs; Jobless Rate Rises to 6.7% Dec. 5 (Bloomberg) — U.S. employers eliminated jobs in November at the fastest pace in 34 years and the unemployment rate jumped as the year-long recession engulfing the world’s largest economy deepened. Payrolls shrank by 533,000 workers last month, the biggest loss since December 1974, after decreasing a revised 320,000 the prior month, the Labor Department said today in Washington. November’s job losses exceeded all estimates in a Bloomberg News survey of 73 economists. The jobless rate rose to 6.7 percent, the highest level since 1993.

House Price Bookmark
These icons link to social bookmarking sites where readers can share and discover new web pages.

Original post by jack c

this is money: Insolvencies ‘will run into next decade’ Veteran insolvency accountant Ric Traynor, executive chairman of Begbies Traynor, said: ‘We do not expect a let up in work for several years.
‘The evidence from the early 1990s’ recession was that insolvencies continued to be high for another four to five years.’

Original post by mark

this is money: Retailers in crisis: Who will go bust next? Banks who have already identified a corporate client that is heading for the morgue rather than the recovery ward will wait until Christmas takings are safely in the till; they will move in before rents are actually handed over; they will also want to act before the end-of-January VAT bill is settled; and they will try to move in before a retailer starts spending money on restocking for the New Year.

Original post by mark

FT: UK recession will be worst in the world The UK recession will be “one of the worse around the world” and will be deeper than that seen in the early 1990s due to the banking crisis, a leading industry member has warned. Speaking at Schroders annual funds briefing in New York, head of Schroders’ multi-manager investment team, Anthony Yeadon however stressed that it would only “be a recession, not a depression”, partly due to the government’s quick intervention in the banking crisis having so far avoided any UK banks failing.

Original post by jack c

The Times: Brown will force banks to pass on full rate cut The Prime Minister said this morning: “I think banks should really pass on the interest rate cut. We are talking to the banks.
“Remember last time there was a cut, we had to speak to them before it was passed on and we will be speaking to them again.”

Original post by gardeniadotnet

daily mail: Cancer sufferer takes Halifax to court after the bank ‘harassed’ him with 762 phone calls The bank also levied charges.
Mrs Edwards said she owes the bank around £762 but said it is pursuing her for £4,000. She claimed she has never been given a final balance of what she owes.
She said they asked the bank to deal directly with their solicitor and have made a harassment claim, in the civil courts, under the Protection from Harassment Act 1997.

House Price Bookmark
These icons link to social bookmarking sites where readers can share and discover new web pages.

Original post by mark