Deflation Message Board - Msg: 19723309

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Non-Tech : Deflation

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To: JF Quinnelly who wrote (233)	1/22/2004 11:09:09 PM
From: Maurice Winn	Read Replies (1) of 621

jfred, there has already been a significant USA house price implosion, but it was a sneaky one. In Y2K our fairly big house here in Epsom, Auckland was worth only a rinky dink little house in the back of Escondido. Now, after the US$ going from 39c to 70c to the Kiwi$ and some house price rising in Auckland, we could sell this house and buy a much better house in Escondido. Similarly, an American selling up in Escondido to move to Auckland in early 2000 could have bought themselves a swanky house and retired to live happily ever after on their share investments if they'd sold them and moved the money at 39c to the Kiwi$ to Auckland. Not now. They've been crunched. But they don't know it. The housing bust has happened already. Compared with Europe, they are not so crunched. The test of the housing market in the USA will come when interest rates eventually are moved back up. It's got to happen some time. Plenty of people will NOT be happy campers. Mqurice

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