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UK: Housing time bomb ticking for banks

Posted on 13 June 2011

UK housing is struggling again – the Halifax House Price Index gained just 0.1% in May after a sharp 1.4% fall in April. The trend is clear: house prices in the UK are falling at their fastest rate since late 2009. Investment bank Morgan Stanley forecast a poor outturn for 2011 earlier this month and is rare among forecasters to warn that we could see a 10% drop by the end of 2012.
Yet, even now, the bad news is being glossed over by rosy-eyed commentators. Everyone, it seems, wants to talk up house prices. When reality sinks in, the surprise will be all the greater………………………………………Full Article: Source


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