Times: Persimmon says housing market will not worsen “We still have visitors coming to our sites who want to buy, but sales are worse simply because of the difficulty in getting a mortgage, …”. In other words house prices are still too high.
Original post by letthemfall
FT.Com: UK Homes For Rent Exceed Demand Supply of rental accommodation rose at its quickest pace on record in the three months to July, outstripping the increase in demand from tenants, according to the latest data from the Royal Institution of Chartered Surveyors……….
Original post by aje141269
PrudentBear: The Great Consumer Crash of 2009 I hate to tell you, but the storm has reached your location and it is a Category 5 hurricane. The levees are leaking. Ignore it at your own peril. The 6,000 sq ft McMansion buying, BMW leasing, $5 Starbucks latte drinking, granite countertop upgrading, home equity borrowing days are coming to an end. The American consumer will not go without a fight. For the last seven years the American consumer has carried the weight of the world on its shoulders. This has been a heavy burden, but when you take steroids it doesn’t seem so heavy. The steroid of choice for the American consumer has been debt. We have utilized home equity loans, cash out refinancing, credit card debt, and auto loans to live above our means.
Original post by malct
Global Economic Trend Analysis: M3 Contraction - The Future Is Now The Telegraph is reporting Sharp US money supply contraction points to Wall Street crunch ahead.
The US money supply has experienced the sharpest contraction in modern history, heightening the risk of a Wall Street crunch and a severe economic slowdown in coming months.
On a three-month basis, the M3 growth rate has fallen from almost 19pc earlier this year to just 2.1pc (annualised) for the period from May to July. This is below the rate of inflation, implying a shrinkage in real terms.
The growth in bank loans has turned negative to a halt since March. “It’s obviously worrying. People either can’t borrow, or don’t want to borrow even if they can,” said Mr Stein.
Original post by malct
SOTT: Apocalyptic times for Britain’s economy The collapse of the property market has plunged one businessman into the gloomiest of moods.
Tim Wheeler, chief executive of Brixton, one of the country’s biggest warehouse owners, has adorned the cover of his half-yearly report with an illustration of the four horsemen of the apocalypse accompanied by the words of Bob Dylan’s 1967 song, All Along the Watchtower. “Businessmen, they drink my wine/ ploughmen dig my earth,/None of them along the line know what any of it is worth.”
Few people understand the meaning of the lyrics. Some have seen the influence of the Book of Revelations, others of Tarot. Dylan himself would only say they came to him during a storm.
Original post by malct
Enfield Independent: UK: Orange rugby ball-shaped UFOs seen in Winchmore Hill A stream of orange, rugby ball shaped UFOs making their way purposefully through the skies has been seen in Winchmore Hill.
Mystified Alison Moynihan, of Hillcrest, said she was watching television with her husband at 10.30pm on Sunday 10 when she first caught a glimpse of what appeared to be a procession of lights.
She said: “It disappeared into the clouds. Then soon after another one did exactly the same at the same point in the clouds. There were four in all.”
Mrs Moynihan, who works for a city investment company, said she lived in a flight path but had never seen anything like that before. She said: “I got onto the internet after it happened and so many people have seen similar things.
Original post by malct
telegraph: “Nobody dares pinpoint the country involved because as soon as we do it will cause a market reaction and lead to a meltdown for the banks,” said the source. The latest data from the Bank of Spain shows that the country’s banks have increased their ECB borrowing to a record €49.6bn (£39bn). A number have been issuing mortgage securities for the sole purpose of drawing funds from Frankfurt.
Original post by big chris
Daily Mail: Every petrol pump ‘will be prepay by 2011′ A little bit of topic for this site but very very important all the same.
Here are some of the readers comments on the article in question.
“Another reason why people pay in cash is that they work in the ‘cash economy’. A side benefit of this proposal will be to make the payments more traceable as the transactions will appear in a bank account.”
“This is the New World Order ,In cashless society you can be controlled competely. If you step out of line, your money is switched off.
Would you really trust anyone in the “Government” to have that kind of power over you.”
As with the Housing Crash and the Global Economic Crisis(WHICH HAS BEEN ENGINEERED)you can see where we are heading
Original post by serious guy
guardian.co.uk: City sceptical on retail sales figures Office for Notional Statistics doing a great job for the Ministry of Truth again. In a similar way I wonder if the Land Registry numbers will show that property is achieveing that soft landing/levelling out after all.
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Original post by ontheotherhand
MoneyWeek: The Misery Index is set to make a comeback When the Misery Index goes up, we all feel it hurting. And in Britain right now, with consumer prices rising at 4.4% year-on-year and unemployment up to 5.4%, the index has just hit 9.8, its highest point for almost 12 years…
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Original post by damien
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