"Housing-market woes spread to BritainFOR years the housing market in Britain has defied gravity. For a few months in 2004 and 2005 house prices moderated, before taking off again. But now, finally, tighter credit and overstretched household budgets are pulling prices down.A collective shudder ran down the spines of British homeowners on Tuesday April 8th when Halifax, a part of HBOS and the country?s biggest mortgage lender, revealed that house prices fell in March by 2.5%. The monthly decline recorded by the Halifax house-price index was the biggest since September 1992, when the housing market was enduring an agonisingly prolonged bust. ..." (2008-4-8)
April 8, 2008
The bust begins
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