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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Thu Apr 05, 2007 4:26 am Post subject: Who's afraid of the US housing slump? |
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How the suckers robbed themselves in America's biggest ever Ponzi scheme...
WHO'S AFRAID of falling home prices in the United States?
Bond investors might welcome a slump, says Bill Gross at Pimco. Head of the world's largest bond fund, he now forecasts "an ongoing bond bull market of still undefined proportions" thanks to US interest rates falling in response to the subprime collapse.
Gross's models put US rates back around 4%, down from the current 5.25%, if the Fed wants to stabilize national home prices.
But could it really be that simple?
Cutting interest rates in half at the start of the '90s did nothing to stop London house prices falling by one-third. Slashing Japanese lending rates down to zero in 2001 left Tokyo real estate in freefall for a further five years.
No matter. If the Fed doesn't unleash more cheap money quick, warns Gross, US home prices may well drop by one fifth.
The Fed best hurry up! Home prices in Irvine, California have already sunk 17% since June. The town just happens to play host to three of America's largest subprime lenders. In fact, half of the 20 biggest US subprime lenders are based in the Golden State.
http://www.marketoracle.co.uk/Article697.html |
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