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Old 25th July 2007, 10:00 AM
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Home Craze Gazumps London With Record Prices, $500,000 Parking

http://bloomberg.com/apps/news?pid=2...KPw&refer=home


Quote:
Aston Martins

The two-bedroom flat, adorned with silk-and-wool carpets, a white Yamaha grand piano and a bespoke bar, was for sale for 6 million pounds in late June. A parking spot in the garage, next to three Aston Martins, two Ferraris and a pair of Rolls-Royces, costs an extra 250,000 pounds.
Half a million for the car park space.


Quote:
London home prices sank 27 percent from December 1988 to December 1992.
This is a piece of cake compared to what will happen when a home credit bubble bursts.

Prices in hk sank 50 percent in the aftermath of the financial crisis and SARS. In Singapore, it sank 40 cent, anyone who owns a property at the end of the saga has either taken only a small loan or had a few hundred thousand dollars in the savings account of FD just before the crisis struck - needed when the bank asks for margin call.

I was told, Tokyo had it worst >50 percent decline.

Last edited by touchring; 25th July 2007 at 10:14 AM..
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Old 25th July 2007, 10:21 AM
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Re: Home Craze Gazumps London With Record Prices, $500,000 Parking

Always assuming you will see a $2 Pound again!
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Old 25th July 2007, 10:36 AM
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Re: Home Craze Gazumps London With Record Prices, $500,000 Parking

Quote:
Originally Posted by Rubber Duck
Always assuming you will see a $2 Pound again!

Yeh, it's more than half a million.

http://www.lewrockwell.com/orig6/faber3.html

If you believe in this, the good show is yet to come.
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Old 25th July 2007, 11:02 AM
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Re: Home Craze Gazumps London With Record Prices, $500,000 Parking

This could easily be dismissed as parody except for the fact it was published a good three months before the the Sub-Prime crisis struck.


Quote:
Originally Posted by touchring
Yeh, it's more than half a million.

http://www.lewrockwell.com/orig6/faber3.html

If you believe in this, the good show is yet to come.
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Old 25th July 2007, 12:54 PM
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Re: Home Craze Gazumps London With Record Prices, $500,000 Parking

Quote:
Originally Posted by Rubber Duck
This could easily be dismissed as parody except for the fact it was published a good three months before the the Sub-Prime crisis struck.

Parody? He basically solved the puzzle. Making money, isn't this is what life is about?

Once the debt becomes overwhelming, it will crash (dollar devaluation + asset deflation), and once everything's devalued until it cannot be devalued any further and deflated until it cannot deflate further, they'll come back and buy out the confused fellows.

As we speak, the smart money is already moving out. The 12 mth FD interest rates in Singapore recently dropped from just over 3% in Dec 2006 to 1-2 percent today. The interest rate in Singapore is decided by free market forces.

So what happened? Too much American money in the system? There's a lot tactical movement going on today in the financial world that is not yet caught and reported by the media.

Last edited by touchring; 25th July 2007 at 01:29 PM..
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Old 25th July 2007, 01:29 PM
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Re: Home Craze Gazumps London With Record Prices, $500,000 Parking

Yes, basically you are are better off getting zero interest than getting caught in a rapidly depreciating currency.

Of course the opposite applies in China where currency appreciation is inevitable. Most won't care what the interest rates are!
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