House Prices Drop US/UK Housing Crash? Subprime Bubble

Mail: Homeowners to get two-year mortgage interest ‘holiday’ if their income is cut by credit crunch ”Homeowners will be spared the threat of repossession under a new government-backed scheme to guarantee mortgages, Gordon Brown announced this afternoon. ”

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Original post by hpwatcher

BBC News: Brown unveils mortgage help plan No wonder the banks quickly signed for it.

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Original post by fjcruiser

CNN: Poll: 61% oppose auto bailout A majority of Americans oppose a bailout of the troubled U.S. auto industry, according to a poll released Wednesday.
The CNN/Opinion Research Corp. poll, conducted by telephone on Dec. 1-2 with nearly 1,100 people, showed that 61% of those surveyed oppose government assistance for the major U.S. automakers.

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Original post by mark

BBC: Repossessions ‘to reach 75,000′ The number of homes being repossessed will rise sharply to 75,000 next year, the Council of Mortgage Lenders (CML) has estimated.
That would be almost as many as during the peak of the last recession in 1991.

Original post by holding out

FT: Homeowners granted mortgage holiday Gordon Brown is to grant homeowners in financial difficulty the right to demand a two-year mortgage holiday, guaranteed by taxpayers, in a dramatic bid to underpin the housing market.
Britain’s eight biggest banks are understood to be supporting the programme. Mr Brown is expected to announce the broad principles to the Commons on Wednesday afternoon.
The scheme, which requires no new primary legislation, represents a gamble with taxpayers’ money on the length and severity of the housing downturn. Officials estimate the measures will amount to a £1bn “contingent liability” but cost about £100m. Mr Brown expects the scheme to make a big difference to repossession rates by addressing the cycle of fear undermining the housing market.

Original post by mountain goat

The Australian: House prices unlikely to fall 30pc Well, Australia is a different story, there is no oversupply, banks an’t lending but who cares, prices wont come down bla bla bla……

Original post by fjcruiser

UKPRWire: Housebid21 Stimulates the property market in UK Housebid21.com allows buyers to bid for property online but with one huge difference – unlike a traditional auction the site stimulates activity rather than having a finite point of no return.
“It’s a bit like an auction but without the drawbacks,” said chief executive, Michelle Sheppard.
Really ?

Original post by fjcruiser

Rightmove: What´s changed at rightmove Rightmove have changed their web site, it seems that the property bee attachment no longer works. Any comments?

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Original post by gone-to-colombia

FT Alphaville: S&P 500 to rise 55% in 2009, says UBS The Panic of 2008 created a confidence vacuum that policy is rushing to fill [bailouts, handouts, stimulus packages, tax breaks, payment holidays]. Filling the void is a challenge, but we take comfort in that now every policy maker in the world is trying to jump-start confidence in the system. Once this happens, powerful positive underlying economic forces such as the worldwide proliferation of technology and globalization should make confidence shine again. An opportunity to buy the big-cap global growth stocks of the S&P 500.

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Original post by mountain goat

This letter to the editor [1] was recently the top-listed story on Google Canada News.  Mr. Moore makes the case for reason to our PM a lot better than I could (and the more effective having come out of Western Canada).  I don’t often re-post a whole piece from the MSM, but this text really deserves wide exposure.
That being said, please consider visiting the original and having a look at their ads.
For what I’ve been posting on this and related issues see the last few articles in Doom’s Politics category.  We Canadians don’t tend to get too excited very often, but a lot of us are about the events in Ottawa since last Thursday.

King Stephen
from today’s Calgary Herald
To claim that the move by the opposition is "undemocratic" shows a complete misunderstanding of our form of government. The PM’s role is supposed to be one of "primus inter pares," or "first […]

Original post by John M.