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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (11873)	7/29/2003 8:05:30 PM
From: maceng2	Respond to of 306849

(UK) House market to slow as job fears rise by pa news timesonline.co.uk Employment fears are a greater influence on house prices than interest rate cuts, Britain's biggest building society says Growing unemployment fears are set to see house price growth, which hit 1.0 per cent this month, slow markedly over the rest of 2003, Nationwide building society said. The statement came shortly before Bank of England data showing that net mortgage lending hit a record £7.8 billion in June. Consumer credit leapt £2.16bn, also a record high, and above analysts' forecasts of a £1.6 bn rise. The Bank report raised concerns over its wisdom in cutting the base rate earlier this month to 3.5 per cent, its lowest rate since 1955. But Nationwide said that, with dole queues lengthening, the cut was unlikely to stoke a return of rapid house price inflation. "The labour market is modestly deteriorating. It is this, rather than a small move in interest rates, which is critical in giving house buyers the confidence and ability to enter the market or borrow more," Alex Bannister, Nationwide's group economist, said. The rate cut would not offset the "dampening influence" on the housing market of lower levels of earnings growth and job creation, and increased job losses. Even if rates fall further, as many commentators predict, the cuts would be prompted by slowing economic growth and rising unemployment which "would have a much more powerful negative effect on the market". Nationwide has left unchanged its forecast of 10 per cent growth in house prices this year. The forecast implies that prices, which have grown by 7.7 per cent this year, will increase by an average of only 0.4 per cent a month for the rest of 2003. July's 1.0 per cent increase was 0.1 percentage points higher than the June rate. But it took annual inflation down to 17.9 per cent, from 19.2 per cent a month before. Growth remained highest in areas such as the North and Yorkshire and Humberside where prices are lower compared with regional incomes than in the South.

To: Les H who wrote (11873)	7/29/2003 10:23:13 PM
From: Les H	Read Replies (1) \| Respond to of 306849

Investor's Blues (sung to the tune of Smuggler's Blues) by Weird Al Spankovich The Investor's got troubles tonight I can feel it in my bones I had a premonition that his buyer wouldn't get his loan he knew the contract was loaded but he thought he'd get his thrill then everything exploded because the value was unreal So Mr. Investor here's a tissue, go blow your nose You thought you'd make a lot of money now but that's the way it goes it didn't happen as you planned you'd own it for twenty hours and could have made twenty grand Sorry it went down like this someone had to lose it's the nature of your business it's the Investor's Blues Investor's Blues the appraisers and the brokers the lenders and the law the payoffs and the ripoffs and the things nobody saw it doesn't matter if it's illegal and the housing markets crash you've got to carry credit cards because you're always short on cash There's lots of shady characters lots of dirty deals Every name's an alias in case somebody squeals it's the lure of easy money it's gotta very strong appeal perhaps you'd understand it better standing in my shoes it's the ultimate insult it's the Investor's Blues Investor's Blues See it in the headlines you hear it everyday they say they're gonna stop it but it doesn't go away they flip 'em in Miami and even in L.A. they flipped 'em up in Baltimore and defrauded the FHA Mr. Sheets and Straw Borrowers are the flipper's glue you ask any D.R.E. man he'll say there's nothin we can do from the office of Mr. Martinez right down to me and you me and you it's a losing proposition but one he can't refuse it's the politics of lazy money it's the Investor's Blues Investor's Blues brokeruniverse.com