House prices in the UK are still falling, and at ever increasing rates. Prices fell 2.6% in November and are now 16.1% lower than last year. Realistically, this will continue despite the government’s ridiculous attempts to keep prices artificially high. Gordon Brown knows as much about economics as my pet goldfish.
More on Property Prices in the UK Continue falling – And They Need to Fall More
For the 25th consecutive month in a row, US house prices saw a drop in August. 10 Major US markets have now seen a record 17.7 percent average fall in the last year, with some markets falling more than 30 percent for the year. Phoenix, Las Vegas, Miami and Los Angeles topped the list of losers, and no city on the S&P/Case Shiller Home Price 20-city Index saw a price increase over the last year.
Doom, gloom and further drops in house values about sums up the latest report from the S&P/Case-Shiller index which tracks home prices in 20 key American markets
Home prices dropped 16% in May from May 2007 – with a decline of 23% since the peak in July 2006. On a month-by-month basis, prices dropped by 0.9% Not all the data were negative. Of the 20 markets tracked, house prices rose in 7. But many economists are saying that the housing market has yet to bottom out because home supply still outstrips demand in some areas of the country. As usual, the previous hot-spots Las Vegas and Miami saw the largest declines – over 28% down from last year.
