Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › Will people rent or stay away now the boom is over? › Reply To: Will people rent or stay away now the boom is over?
What is clear though is that certain sectors of the US economy, housing included, is currently in recession.
Of course it is because of sub-prime lending. Europe doesn’t even come within a million miles of the stupidity of US lenders to NINJAS (No income, No jobs, or Assets).
Now why is US housing crashing? Because of thousands of FORCED sellers. Sellers who are coming off 7% interest rates and going up to 12% interest rates.
That scenario is a squillion miles away from the European “crisis” rates of 5% to 6%.
Is the US in recession? Are oranges purple. The US is enjoying, thanks to a weak dollar, the biggest export lead boom for a decade.
Away with you, gloomsters…