Farstar – people realize more immediately now due to the speed of information. News travels much faster and the ripples were felt by those who listened 4 or 5 years ago! Its only now things are falling off the edge that the blind and purposely deaf soeak in unison. Therefore people have been aware of whats about to happen for the last 2 years certainly and now the rising unemployment – at 1995 levels – bare this out. Of course, doesnt take into consideration illegal workers, therefore the true figure is a lot higher.
Frank – yes they are still building faster than selling, but some cannot refinance and are in big trouble. Many developments will stop for a few years but they will be built – eventually.
I suspect the true figures of whats on the market arent out yet, repos rising steeply as well, despite the courts etc taking a couple of years to act them out now!
Gosh – Im not usually this negative! It had to happen, I saw it long time ago but it was and is inevitable. Many losers, some winners and stability in time