Jan 28 2010
Sad, sad, housing market
It’s not a happy bustling market, it’s more a desolate ghost town of a market at the moment.
Basically, I’m still noticing a lot of bad news regarding the housing market. Property prices in 2010 still expected to fall further, somewhere between 10 and 40 per cent for the year, and that the little rays of sunshine in the market will die out as quickly as they came on.
House prices seem to be something that prospective buyers should look into on a daily basis. Small fluctuations in the market can make a pretty big difference for the average house buyer, because if you find a slump week – which could be a blip on the national financial radar – you could save yourself thousands of pounds. I also recommend looking into blogs these days, I’m not talking any old blogs, but there are some really comprehensive economy blogs around that can help you predict when you’ll be able to buy, and what sort of price is fair for what you’re looking at.
The market may have a bit of hope with the recent interest from property investors due to the poor results in the stock market last year, but there’s always the ubiquitous property and home buyers, those eternally searching for just the right house or property, but who never seem to find it.
I still see a lot of homes up for sale in my area, but every time I hear what one of those properties went for I’m a little surprised at just how much value has been lost from the housing market here. Mortgage rates are okay I suppose, but I’m shocked and irritated to see banks offering 90% mortgages again, so soon after the financial collapse brought on by 100% mortgage loans… what are they thinking? It’s such a shockingly stupid lack of hindsight in my opinion… shouldn’t they actually learn from the lessons at hand? It’d be nice, wouldn’t it.