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...almost 30 per cent overvalued in the Netherlands and the United Kingdom....

But I thought the UK had a land shortage that magically appeared in the mid-1990s and accounted for the price increases?

Still, saying it's only 30% overvalued is being ridiculously generous, in my opinion.  Median household income is £19-22,000.  The median home price is -- what, £180-190,000?  (That's what the median house costs in dollars in America, and Americans earn a bit more than Brits at the median.)  Have the IMF call me when they crash to £90-100,000, and I'll agree with the ruling that sanity has been restored.

And my understanding was that Ireland was looking at even worse falls.

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin

by Drew J Jones (myfriends@thisispancakes.com) on Sat Apr 5th, 2008 at 09:16:03 PM EST
Oh, and just wait until the other shoe drops in the American market.  Turns out -- I'm shocked, I tell you -- much of the new residential construction that's gone up in the past few years of of such awful quality that we're going to be spending billions to keep the damned things standing.

The Atlantic had a good article about it last month.

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin

by Drew J Jones (myfriends@thisispancakes.com) on Sat Apr 5th, 2008 at 09:36:53 PM EST
[ Parent ]
shocked, I tell you

yeah.  me too.

wasn't any surprise if you were watching any of it being built.  badly cured (or nearly green) lumber, shoddy methods, poor finish.  amazing that any of it passed inspection -- and [here I get really ticked off] during those same years it was impossible to get a permit to build a solid little strawbale cabin, or put up a yurt, anywhere in the county I lived in.

The difference between theory and practise in practise ...

by DeAnander (de_at_daclarke_dot_org) on Sat Apr 5th, 2008 at 11:19:51 PM EST
[ Parent ]
Mother Nature had her revenge in Florida.  It was a riot watching all of the new developments go up, pushing the suburbs from the coast in Palm Beach County all the way out near the Everglades.  Awful construction, and natives all knew.  "Just wait for the first hurricane to come through.  They won't know what hit'em."  Sure enough, hurricanes went through and the new construction suffered the damage.  The only problem is that it pushes everyone else's insurance premiums through the roof.

The stuff they build in the Mid-Atlantic is even worse.  They might not be as pretty, but I'll stick to the old brick buildings.

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin

by Drew J Jones (myfriends@thisispancakes.com) on Sun Apr 6th, 2008 at 12:02:13 AM EST
[ Parent ]

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