Housing market crash feared after average house prices take record plunge(Britan)

[CHIMO]

Fears of a housing market crash have been raised after average house prices fell by more than £6,000 in September, driven to the biggest monthly fall on record amid anxiety about the fragile state of the economy.

The 3.6% monthly decline in house prices – the biggest reported in 27 years by Halifax – was described as an "absolute shocker" by one economist, and knocked share prices in housebuilders and mortgage lenders.

Halifax, part of the state-controlled Lloyds Banking Group, tried to ally fears that prices – now at an average of £162,096 – were poised to nosedive amid impending cuts to public sector jobs.

Martin Ellis, Halifax's housing economist, stressed that while September's 3.6% fall was a record on the basis of monthly comparisons, on a quarterly basis the fall in house prices was 0.9% compared with the second quarter – a significant slowdown on previous quarter-on-quarter falls of between 5% and 6%.
http://www.guardian.co.uk/business/2010/oct/07/housing-crash-house-prices-halifax

[enid602]

1. blame

They'll blame it on the US.

[dixiegrrrrl]

2. We are just a few steps behind the UK in housing problems.

"MortgageGate" alone will cause a lot of problems for housing sales, not to mention the economy is not getting better.

[Celebration]

3. Mortgagegate is amazing

It's not a can of worms, it is more like a boatload of snakes.

[CanonRay]

4. Is this the start of the same thing here?