Wednesday, 24 October 2007

YLE on Finnish housing slowdown

YLE, a Finnish state channel, has shown on prime time a report on the state of the housing in Finland.

Watch the YLE Video (in finnish, but there are some nice Charts...)

In any case, Finland is not insulated as it is a global phenomenon.

Today in the US the number of existing home sales reach the 1999 level and still worse is coming.
"Sales of existing home sales in the US plummeted last month to their lowest annual rate since records began.This was the lowest level since figures on single-family homes and condo sales were collected in 1999...The so-called "jumbo mortgages" - loans which are over $417,000, have dried up. High-cost areas like California, where buyers are reliant on these mortgages, have therefore been hit hard.", reported the guardian.

In the video, it says that Spain, France and Ireland are currently experiencing a sharp slowdown. That should not surprise anybody (at least the one that are informed).

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