I find that when I think that something is wrong in the markets, I expect rapid re-adjustment to something more sane ... and am disappointed.
The British housing market makes no sense whatsoever to me. I've waited to see falls of 25 to 40 per cent for a few years now and apart from London, where the market is showing slight falls, I've just sat back and been amazed as it continues to stay at ridiculously high levels. It's like the cartoon character who runs off a ledge and continues in the same direction. I realise that I totally failed to realise how little new residential homebuilding there was going on, but even so. It looks as crazy to me now as it did five years ago.
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Date: 2005-09-17 09:11 pm (UTC)The British housing market makes no sense whatsoever to me. I've waited to see falls of 25 to 40 per cent for a few years now and apart from London, where the market is showing slight falls, I've just sat back and been amazed as it continues to stay at ridiculously high levels. It's like the cartoon character who runs off a ledge and continues in the same direction. I realise that I totally failed to realise how little new residential homebuilding there was going on, but even so. It looks as crazy to me now as it did five years ago.
DY