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Fascinating charts on the US housing bust. Prices have fallen father and faster than any previous bust. We could do with the same here – at least it would get the market going.
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As I said for about 4 years now, I do not see any reason why the prices in Spain won’t fall as much as the ones in USA. In USA there is no sign of the market stabilising, except of course very desirable areas like Silicon Valley, New York, San Francisco or Boulder (among many others).
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I think we in Europe find it difficult to appreciate just how severe the downturn has hit Americans. We are feather bedded with social security, housing benefit and free medical care. In America there is very little support when you lose a job and you also lose your medicare for the whole family along with it.
As long as housing benefit supports those out of work in UK and most of Europe a US style crash will not happen. That said there is no such thing in Spain as far as I know, so further savage falls must be expected.
Fancy a sea front apartment in Greece, the Peloponnese is idylic.http://www.hellenic-realty.com/real-estate-greece-apartment-MES005.html?PHPSESSID=a9c3208c718b064caf25ffd10ef488d4
€50k should secure it right now! -
@logan wrote:
I think we in Europe find it difficult to appreciate just how severe the downturn has hit Americans. We are feather bedded with social security, housing benefit and free medical care. In America there is very little support when you lose a job and you also lose your medicare for the whole family along with it.
As long as housing benefit supports those out of work in UK and most of Europe a US style crash will not happen. That said there is no such thing in Spain as far as I know, so further savage falls must be expected.
Fancy a sea front apartment in Greece, the Peloponnese is idylic.http://www.hellenic-realty.com/real-estate-greece-apartment-MES005.html?PHPSESSID=a9c3208c718b064caf25ffd10ef488d4
€50k should secure it right now!The thing is that “safety nets” like that just makes a crash take longer time to “develop”. The US would in theory if they didn’t waste as much money on wars etc be able to get back on their feet much quicker after such a correction. What path society choose to go down is more of a political decision. In europe there is a big chance that this downturn will take 10-15 years until a stable come back.
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