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Confusion in the housing market
By Vic Hurlstorm | July 4, 2009
Some people in the industry are claiming that rumours of the housing sector coming out of an economic slump are just that -rumours. Recent news has reported that the house prices are set to rise for yet another month, and the banks are ok-ing more mortgages. But another set of data has come out, saying just the opposite. These numbers are claiming that prices are going to fall much more in the coming months.
Lloyds TSBs new mortgage plan, is being dismissed as not being able to simulate the economy as once was first thought. The mortgage allows savings of a relative or friend count towards a deposit which is needed to secure the loan. The only catch is that if the loan hasnt fallen from 95% of the homes value to 90 in the first three yers Lloyds will hold onto the relatives money until that number is reached.
Some industry experts are claiming that it is too soon to be talking about the recovery of housing prices, and that an extra ten percent could be taken off the price of homes in the future. We really need to be careful about who we believe over all this information that is coming out -whos reporting the truth? Recently we were told that the sector was recovering, but then the next prices are going to fall even more. I think the best thing to do is take all this ‘expert’ advice with a pinch of salt. Listen out for whatever news is coming out, but dont take it as gospel seeing as no one is in agreement about everything. Were still in a recession, where jobs arent safe and prices are high, so were keeping the purse string tightly wrapped up. The logical thing is to see where the industry goes from here.
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