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#1 | |||
ONE
love, blood, life Join Date: Dec 2004
Location: Ireland
Posts: 10,122
Local Time: 02:04 AM
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Property market meltdown - Spain, Ireland + Eurozone may already be in recession
Spain drops reassuring gloss as crisis deepens - Telegraph
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Homeowners left reeling as 30pc price fall predicted - National News, Frontpage - Herald.ie Quote:
As I predicted, the Spanish and Irish property markets have followed the US into a deep slump - and the consequences are arguably even more serious for those economies, given that the bubble was even more dramatic. The UK, Holland and Denmark are also experiencing declining property markets, although the bubble in those countries was probably not as severe as in Spain and Ireland. Eurozone interest rates have been kept low for the last few years to suit the depressed German economy - but the rates did not suit the overheated Spanish and Irish property markets. We are now seeing the results. Will the euro survive? European recession looms as Spain crumbles - Telegraph Quote:
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#2 |
I serve MacPhisto
Join Date: Sep 2001
Posts: 2,053
Local Time: 08:04 PM
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Likely. Despite much outrage from some North Americans in all three nations, NAFTA has survived. Sure, there are significant differences with the EU and the Euro, but having said that it's a more diversified and robust amalgamation of economies -- I would be extremely surprised to see the euro collapse after the first real hardship it's had to face.
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#3 |
you are what you is
Join Date: Jul 2000
Location: Netherlands
Posts: 22,054
Local Time: 03:04 AM
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[QUOTE=financeguy;5300789Eurozone interest rates have been kept low for the last few years to suit the depressed German economy - but the rates did not suit the overheated Spanish and Irish property markets.[/QUOTE]I don't get this bit
btw as far as I know the property market in The Netherlands is declining in that less people are buying houses the prices of property is still increasing though don't know about Denmark really I think in many ways what's happening in Spain and Ireland was gonna happen at some point (and not long from now) anyway credit crunch in the US or not when I proposed to a former colleague of mine that it's ridiculous that houses in the Belfast area had increased about 300% in 5 years he tried to crack that since people were willing to pay the amounts the increases were justified now, I never figured him to be the sharpest tool, but he surprised me with the load of nonsense he was spewing there
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#4 |
Blue Crack Addict
Join Date: Jun 2002
Posts: 18,934
Local Time: 02:04 AM
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The Norn Iron housing market was always miles behind due to the troubles. Prices were rising at a horrific rate but there was a property boom throughout the UK. I think it was even more significant here because we had a lot of catching up to do. Two years ago the average house price here was still almost 30 grand less than the average house price in the UK and Ireland. It wasn't that houses in Belfast were suddenly more expensive than other parts of the country. People would have been forking our more in other cities. Yes, prices were spiralling out of control but it wasn't just an issue in Belfast.
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