Psst - hey buddy - wanna buy a buy-to-let flat?
This market, as I've said, is a joke. Flippers galore, the "housing ladder" and for sale and for let sign polution.
Would you buy a house on a street where every house was for sale?
I took these the other day when out for a walk in Fulham, near Chelsea
June 13, 2006
My Photo of the Housing Bubble London-Style
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6 comments:
Is that real or just a photo retouched? Geez, nowdays you can't tell the real from the fakes anymore.
it's real. come to london and I'll show you the street
Any thoughts on what the Gold bubble is doing to all those that sold their houses to buy gold?
Good to see you enjoying London and a taste of a real bubble! Makes everything in the USA seem cheap, coffee, meals out, cars, computers, houses, rents! Remember the USA is the worlds largest economy and even with the double asset bubble in Japan in the late 80s we are no where near as close and then again look at their national debt to try and stimulate their economy out of a deflationary cycle (and still expensive compared to most the USA) and some say all their debt is in yen held by Japanese, so what, that is even worse. Our debt is in dollars held by others. They want to play they have to reinvest those dollars somewhere or take a loss. I say invite them to buy US real estate. They can't take it home and we reabsorb our dollars. Win, win, and then just like the Japanese they will eventually sell Pebble Beach and such back at huge discounts!
After London LA, SF, Miami still look like bargains, though I do believe people are returning to earth and realizing that homes are a place to live and not to flip. Those worst hurt will be flippers though many others will pay the piper as well but just like Japan the economy won't implode and people won't learn, they'll just wait for the next bubble.
nice pics
This is why I do not believe that the US dollar is going to crash, contrary to many doomsayers.
The idea: the dollar is the worst currency out there---except for all the others. Don't say "gold"---there is no real economy where trades in goods and services is in gold, and most importantly where there are deep credit instruments denominated in gold, e.g. a "gold bond" where you put in 1 kilogram and get interest payments of a few grams per quarter and then get the principal on maturity.
(Actually this may be an interesting instrument---the resulting gold-debt security *could* be traded as a form of 'money')
You can't beat somebody with nobody.
The Euro isn't going to 2:1 with the kind of bubbles they have and their less dynamic economies.
Japan is reviving but the Bank of Japan will always intervene to devalue when their exporters get antsy. They have to worry about getting rid of deflationary, not inflationary, expectations. So yen will suck.
Sure China's yuan ought to be much higher but they are manipulators like Japan but far worse: they are pursuing mercantilist strategic deindustrialization of the US.
Maybe the aussie and loonie will be the place to be?
The ruble? "Invest in fascism"?
By the way, there is one commodity which has NOT plunged in recent weeks, but reached recent-decades highs.
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