Michael has been teaching social science economics and ICT since the 1980's.
House prices = Monopoly money?
The Housing Market is again in turmoil as younger Brit's have basically stopped buying houses they can never afford. The pound continues to decline due to quantitative easing (not so well hidden inflation) and the uncertainty following the vote to leave the European union. Brexit.
3 years on and still no deal is making a bad situation worse. This obsession of getting people onto the 'housing ladder' has left many people dazed, confused and in debt.
Although according to mainstream media, you wouldn't think so. It's like we are in some kind of alternate reality.
With former social housing (project apartments) changing hands in London for ludicrously high prices. It appears we have entered a kind of twilight zone. Where sanity and good sense have departed and left the lunatics in charge of the economy.
Everyone's a winner...aren't they?
More money chasing fewer properties is one thing. Printing trillions of bank notes can have only one effect. Inflation and yet we do not see this?
Why? simply because house prices are not counted in the inflation figures. According to all the high street mortgage lenders.
It is mind boggling that these costs are not reflected in the 'cost of living' that is supposed to make up the consumer price index (CPI).
Shelter is a primary need and as such should be included in any calculation that seeks to represent objective reality.
Trying to predict the future is always going to be a losing proposition, especially when we are not in possession of all the facts.
The governments on both sides of the Atlantic have printed so much money and pumped it into the bond and housing market that it is almost impossible to value anything with any degree of accuracy.
Both governments have basically taken our tax money and handed it to a few people in the form of 40% mortgage subsidies.
When these people default on their payments as some are bound to do. The tax payer is the one holding the debt.
From those trying to hold onto their homes, to those trying to find somewhere to live.
The system is broken and the government is doing everything it can to break it even more.
Government and their supporters want to get out of social housing and leave housing to the market.
Speculative building had worked in the past when land was more readily available but this is not the case today. Finding an affordable plot to build on is impossible.
It's astonishing to think that there are over 600,000 empty homes across the UK and London and millions more across the US.
The British government has given 40% (interest free for 5 years) loans to 67,000+ people that qualified for a mortgage. Funded by the taxpayer.
The Banks will not lend money to buy what they consider over priced properties.
The UK government has created this scheme to encourage those people that can get a mortgage, to buy properties. This scheme alone has distorted the housing market by inflating prices by 40% in London alone.
If the banks are not prepared to lend the asking price of a property then who are the government to be throwing our tax money at it.
If a property is priced at £400,000 ($568,080) and you need the 40% government loan.
The real market value of the property is...£240,000.($340,848) as this is all the bank will loan against the property.
If the value of the property increases in the future then the UK government will get their 40% back plus a percentage of the increase in value.
If the property falls in value. You still owe the UK government the 40%. It's a vote winner for the Conservatives. Not a good deal for the users of this scheme or the taxpayer who is going to be left holding the bill when these new mortgagees default.
Evictions and repossessions are still at record levels but are just not making the news anymore.
The more quantitative easing measures we have the worse things get.
Some commentators have suggested that the housing market is recovering. This is a misreading of the data.
Currencies have been devalued by quantitative easing and still with no economically sensible recovery plan in sight from any government.
In June and July 2015 it was widely reported in the press and on TV news, that house prices had risen anywhere between 2% to 9% from the same period in 2014.
What they failed to mention is that 'money' is actually worth less due to quantitative easing (printing more money) and so any increase in house prices, is due to the fact that cash money has less buying power.
Even with the current housing bubble, house prices are still short of pre 2007 market crash levels. In other words. There has been no increase in real house prices for almost 8 years.
This is of course bad news for people who own property, but even worse news for people trying to buy their first home as wage increases have not kept pace with quantitative easing (printing money)
For many peoples real wages are worth considerable less now than 10 years ago. Prices on the other hand have increased on all goods and services.
Toxic Housing Market
Why are there 600,000 empty homes in the UK?
Don't forget that these house price rises, are on the back of falls of up to 50%+ in some areas.
A more accurate assessment would be, falling house prices are slowing down, in a small sector of the housing stock. Basically London and the south east of England was booming while huge parts of the rest of the country are experiencing a market collapse. London house prices have been falling for the last six months in 2018.
There are several TV auction shows that point out every day that there are plenty of houses for sale for as little as £20,000 ($28,500) and yet no one wants to buy them.
Factoid: There are 600,000 empty homes in the UK alone (many in London) and millions more in the USA.
There are 1,000's of bank repossessed homes that are not available for sale.
Banks are holding back many repossessed houses from the market for one main reason.
If these properties were released to the market, the whole house price system will collapse.
In 2012 the UK Chancellor of the Exchequer. Mr Osborne predicted another 8 to 10 years of rising government debt and borrowing.
Nothing has changed, except the spin doctors are on 24/7 telling us everything is great. In fact we have a faltering economy, with wage cuts and rising costs of living.
The 2013 spring budget saw us heading into a third recession or triple dip. In late April 2013 it was widely reported in the UK and US that there had been an upturn in GDP growth.
This is actually false information. It is based on raw data and doesn't take into account gross domestic income (GDI). When the final actual growth rates were factored in. It turned out to be negative.
Governments burying their heads in the sand and misleading the public is not an economic policy. Is it a good time to buy a house? Definitely not.
UK Government using tax payers money to prop up the housing market
In the longest recession since World War II now entering a third dip and still no new policies have emerged. Except one oddity.
You and everyone else has for some time now been able to buy a house up to the value of £600,000 and qualify for a 40% deposit, interest free loan, directly from the British Government or more accurately, the British taxpayer.
If you can afford a £600,000 home you don't need a gift from the taxpayer.
The Conservative government is using taxpayers money to fund this housing bubble and distort the market even further.
A simple question. If you can afford to pay for a £600,000 mortgage each month, do you really need a handout from the Government. What are they thinking and who is this 'deal' aimed at?
Certainly not the poor deluded first time buyer.
Quantitative easing (printing more money) has diluted currencies. It did temporarily hide the total meltdown of the housing market for a time. That time is now over.
Houses for a £1?
Pouring petrol on to the conflagration that is the UK housing market. Stoke-on-Trent City Council has agreed to sell off council houses for just £1 each. (Source BBC News)
Guess what happened. Few people wanted to buy them, not even for £1 as there were stings attached. You had to agree to fully renovate them at your own expense. Which could range from £30,000 to £50,000. There were few takers and those that did had all kinds of problems with thefts and vandalism.
The short answer is that we are closer to the cliff edge than any sign of a recovery. With Barclay's Bank shenanigans adding to the general public's feeling, that we are all being led up the garden path with the bankers again robbing us.
Enough is enough already. Some heads must roll. Serious jail time is warranted for these alleged fraudsters and their assets should be seized like any other common criminal.
The International Monetary Fund (IMF) has issued a report outlining the continuing downturn.
With unemployment rising fast, although you wouldn't think so, as the figures have been manipulated and distorted to such a degree, that most statistics are now meaningless.
Rural Winter Village Scene
Job losses and insecurity are now widespread in all sectors, both public and private. Britain is still in recession, regardless of what the government is stating. It can be argued, we never came out of the last recession. Printing more money (quantitative easing) hasn't helped the public.
Spain, Ireland and the Greek housing markets are basket cases. Fewer people are taking on or are even qualifying for the massive debt, that buying a house brings. As seen by the lower mortgage approvals and acceptance of the last few months.
There are significantly more people (40%) trying to downsize, than there are people who can afford to upsize to a bigger house (25%) even if they had the cash and the will to do it.
Many people, even though they have been approved for a mortgage, are deciding that this is not the right time, to get into financial trouble, as this is what mortgage debt now represents. Gone are the days when getting a mortgage was a ticket to riches. Many are waiting to see when the housing market crashes again, and by how much.
If you have a 30% deposit and you are prepared to lose it over the next 5 to 10 years, then it may not be a bad move to be buying just now. If however you intend to stay in the house, you want to buy for the next 20 - 30 years, you may just break even. Not a very positive set of choices.
How many scandals can this Government Survive
A little history. Just when it looked like things were improving in the last quarter of 2011 another housing market crash came barreling in, on top of the one we already had.
It dashed all hopes of a recovery. Fortunately many people did not buy into this false dawn and saved themselves from huge losses.
Although house prices are tumbling in some areas by 33% and more. It is very hard for many people to accept that their house is worth so much less than they paid for it.
The longer they hang on to these properties the less they are worth. The penny is slowly dropping and we are beginning to see massive cuts in house prices some as much as 33% + all over the UK.
Where are all the Buyers?
There are no more sensible buyers, everyone knows that people are stuck in houses that are falling in value.
What few buyers are out there especially in rural area and they are offering a fraction of what the owners think their houses are worth. They also expect prices to continue down and don't want to buy a falling asset.
Property Prices are no longer the hot topic of dinner parties. Nobody wants to hear about how much money has fallen of their house. So as more people see what was once their pride and joy, depreciating in value. What are our politicians doing.
Not much is the answer. If anything they are making matters worse.
No Home no Vote
In the UK if you have no address you cannot be on the electoral role; which means technically you can't vote anyway. What politician is going to waste time on the homeless/vote-less? I'm pretty sure similar rules apply in the USA.
In the interest of balancing the hype of the banks and loan companies, that are trying to talk up the real estate market. It is dead but just hasn't been buried yet.
Why Are 'We' Paying for the PPI Scandal?
The billions of pounds, that have had to be paid back to people, that were mislead (they call it miss sold ) into buying insurance on mortgages, second mortgages, loans and credit cards by the banks.
Usually secured against their home. Is a scandal that is largely being ignored. People it seems are shell shocked by the continual revelations of more wrongdoing by these once respected institutions.
Why is the British public stuck with this multi £ billion bill. We didn't sell or profit from these policies. What is really going on, and who decided that we should pick up the tab.
Don't believe a word
Latest News From The IMF On UK Housing Market Chaos
- IMF Survey: Household Debt Holds Back Recoveries but Restructuring Can Help
The more households accumulate debt—mortgages, personal loans, and credit card debt—during a boom, the deeper the subsequent slump in the economy and the weaker the recovery, according to new IMF research published in the April 2012 World Economic Ou
Reality Check Running Away
I don't want you to run away scared because of the subject discussed here but to listen for a couple of minutes.
It might save you a lot of pain and definitely a lot of money. I will be quite candid and state the facts as I have interpreted them over the last 30 odd years. I am a teacher of ICT and economics and have lectured occasionally on Economics since 1989'
I have seen UK house prices rise and fall over the last 30 years. They do go up and down and people have short memories.
Thankfully I managed to avoid the downswings on the housing market roller coaster during this 30 year period, by taking my own advice and ignoring what the mass media is/was pushing.
So how did we get to this state of affairs, why are we still in them and what's the solution?
The simple facts are:-
(1) Your house and other peoples houses, are and have been overpriced. But nobody cared as long as they were making money.
(2) People are in denial that their house is worth a fraction of what they paid for it. Psychologically this is disastrous for them as they literally cannot see that they must accept the price they have been offered or continue to watch their house values plummet.
(3) Homeowners don't want to hear it and realtors (estate agents in the UK) and politicians don't want to tell them as they want to talk the market up hoping that some miracle is going to happen. It won't.
(4) The value of the pound or dollar in your pocket has plummeted. See below.
That's it. That's all there is to it. Simple.
The newspapers, politicians, people with a vested interest will be bamboozling you and talking about the very complicated state of the economy; (that you may not understand) This bank has robbed more than that bank, and the government is going to crack down on these criminals. Meanwhile the public get the bill.
That is great but the money that the government gets back from these dodgy bankers does not go into your pocket to pay your mortgage. It goes to....The Government.
The next time someone is trying to sell you a house or anything else for that matter; offer them what "you" think it's worth.The one simple fact underlying the current problem is that. "something is only worth; what someone else is prepared to pay for it" Maybe you should just re-read that bit again.
If you want a simpler explanation, think about this.
If you just bought a brand new (not gold) Rolex watch (no it doesn't matter which model) and turned around and walked out of the shop. How much do you think you could sell it for?
Exactly now you're getting it. In economic terms It means that
"when prices are right; markets will clear"
It is that simple, but people can't take it in; they want more complex answers and consequently they will continue to suffer losses and pain.
Keep it real
Value Of The Pound 1989 - 2016
A Pound Is Worth?
So what is the Pound in your pocket worth today?
To buy a 1989 £1 would cost you today £2.41 this is the effect of inflation. The value declines.
When 1960s PM Harold Wilson devalued the pound by 10% he went on TV to tell the nation.
There has been a deafening silence from UK Prime Minister.
Lets Test Your Reasoning Skills
Answers to the Polls
If you answered I'm hacked off. Because I can't get on the housing ladder.
If you still feel the same way after reading this, then you have missed the point and need to read it again or speak to a cognitive therapist.
The answer is that the bat is a $1.05
The ball is $0.05 hence the bat is worth a whole $1.0 more than the ball.
Don't worry if you got this wrong, so did over 50% of university graduates. It's intuitive to think that the ball is $0.10.
62% of hubpages readers got this wrong!
Think about it.
The moment that we allowed our homes to be made into just another commodity, all the rules went out the window. The housing market crash is continuing, and there is no chance under the current leadership that it will recover.
The system is completely screwed up and no one wants to shift their position for obvious reasons. No one wants to lose.
Just how long will it take to completely melt down. With the inevitability of gradualness. Predicting the future is a fool's game. Deal with the here and now. Good luck.
What are your views on the housing market. Leave a comment below.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2011 Micheal
Best time to sell houses has passed
Micheal (author) from United Kingdom on August 26, 2016:
Hi Natalie MK thank you and sorry for the delay in replying to your lovely comment.
I have been rather busy for the last 5 weeks touring Lebanon with the most wonderful people in the world.
Natalie MK on June 03, 2016:
Great hub'in Pa!
Just read the whole hub, I can't believe you wrote this 4 years ago.
Micheal (author) from United Kingdom on January 21, 2013:
Thank you for your warm comments.
Nice to hear from someone from you.
Most agents have tried to talk up the market but the collapse is now totally visible.
Printing money is not the answer.
Look what happened in Zimbabwe.
Geoffrey Kerosi from Nairobi on January 20, 2013:
This is a masterpiece. Keep it up.
Micheal (author) from United Kingdom on October 01, 2012:
Hi abbey mezuori,
I think you have answered your own point quite well. You state.
'I cant see property in London going up or down'
That is a classic definition of a stagnant market.
In addition to the monthly 'printing of more money' by the government.
this means that the real value of money is falling.
Ergo:- More money needed to buy the same property!
Therefore:- the actual value of property is falling and fast.
abbey mezuori on September 27, 2012:
HI its been 4 month since i said that that the housing market in
London has not gone down in this forum.There are to many overseas
buyers coming over with millions and buying on London.I cant see
property in London going up or down.
Micheal (author) from United Kingdom on May 11, 2012:
Hello abbey mezouri,
Where have you been looking? I get regular offers for at 30% plus discounts. I personally wouldn't buy anything just now.
abbey mezouri on May 10, 2012:
HI i am new to this posting.
I have trying to buy a property in London for about 2 year And the prices still have not gone down.
Micheal (author) from United Kingdom on March 31, 2012:
Spring is in the air, traditionally a good time to sell houses? How are things out there, really?
Micheal (author) from United Kingdom on February 08, 2012:
2 months on and looks like the pennies are starting to drop.
House prices have fallen by 33% in some places!
Micheal (author) from United Kingdom on January 02, 2012:
Well the latest news on the UK housing market is still looking bad. 2012 UK housing is trending down. With fast rising UK unemployment things can only get worse, and still the government states that prices must fall further. Housing market crash is turning into what housing market!?
Europe is in meltdown with no positive signs from anywhere. How are things with you? lol
Micheal (author) from United Kingdom on December 10, 2011:
Housing Market Crash UK...Again. Latest Interesting House Price Facts
Micheal (author) from United Kingdom on December 04, 2011:
I am familiar with the Japanese market, and as you say it took 10 years of falling prices before it hit what people thought was the bottom. And still it fell further and continues apace.
We are only 4 years into this particular cycle in the UK & the US housing markets.
If you think along the lines of Kondratiev's long waves cycle we could have potentially another 21 years of falling prices.
Let us remember that house prices only just got back to 1988 price level comparables in 2005; after the 1988-89 housing market crash.
rontlog from England on December 04, 2011:
Thank you for your reply to my comment.
I think in the UK, next year 2012, is going to be the turning point one way or the other. So will it be up, down or another year of sideways prices?
It will be interesting to watch if prices do start to go down. Many potential buyers like myself will choose not to buy and will wait on the sidelines, as they know when their new home drops in value, they will quickly lose their deposit, which they saved hard for.
Plus they will also realise that by waiting houses will get cheaper and cheaper.
I think this happened in Japan?
And I think in Japan it took more than 10 years for the prices to bottom out? That is a long time to wait.
Micheal (author) from United Kingdom on December 03, 2011:
You really nailed it.
All what you have said is true unfortunately for the woman in the £400,000 house she is going nowhere and fast.
They all seem so blinkered. If 'she' could not afford her house today how does she expect 'her contemporaries' to be able to afford to buy it.
I know Bristol very well. Your right, house prices were high there and comparable to London but as this depression deepens and it is a depression (government printing more money is a sign of that)prices will plummet still further. They have too, as so few can get a mortgage and many people do not want the debt of a house hanging over them for 25 30 years.
I am afraid the property owning UK is now consigned to the wastebasket of history.
It only lasted 25 years in reality. Anyone with property now is stuck with it unless they drop their prices big time.
Do you think you should buy that house even at £145? offer £80 and see what they say.
That is all it is really worth. £30k for the land + £40k to build it plus £10k profit for the builder?
rontlog from England on December 03, 2011:
I enjoyed reading your hub.
I live in the UK (Bristol) and looking to buy a house.
Bristol prices are second only to London in terms of being really expensive.
It is hard trying to buy as no-one wants to drop their prices, not even 5-10%.
So we are focusing on "Desperate Sellers" (Death or Divorce)- but still not much luck.
I saw a house I liked, the couple who own it bought it for £145k in January 2011. It needed doing up, new kitchen, bathroom, rewiring, it was basically a shell.
The only work the couple have done is put in a new boiler and a few double glazed windows - no more than 5k of work.
The couple have since got divorced and put the house up for sale for .........£175k! - 30K more than they paid for it.
We offered £145k, which is what they paid for it and they were really upset, we upped it to 150K, rejected again, so we have walked away.
They want near asking price but looking at the price history of the road, similar fixer-uppers sell for £145k and done up houses go for 170k.
They are living in cloud coockoo land because for another 20K we can buy into a really good area.
I have a friend at work in her 50's, according to her, her house is worth £400K. Her husband wants to put it up for sale and wait it out until someone comes along to pay the £400k he thinks it is worth.
I asked her if she could afford to buy her house today - her answer was no.
Then she said, I feel really sorry for first time buyers as they can't afford to buy anything. She also has a son and daughter in their early 20's
I explained the average mortgage that people are currently obtaining is £140k.
So I think this is going to be a slow decline, with Desperate / Motivated Sellers leading the way.
Micheal (author) from United Kingdom on November 11, 2011:
Denial would be a start. They are in the main still completely deluded until they try to sell their houses.
The way the banks have pulled up the drawbridge on who qualifies for a mortgage has cut off the first time buyers market completely. Buy to Let landlords have shrunk from 5% of the market to less than 3% in 3 years.
Anyone with property now is stuck with it unless they bite the bullet.
This has far reaching ramifications for labour mobility of course.
Secondly the new loan qualification criteria means that even if you have a mortgage on an existing property the chances are exceedingly slim that you will qualify for a new mortgage.
Primarily because the chances of selling your existing property for the amount of mortgage on it is virtually impossible as you mentioned concerning your friend experience.
Additionally for us we have the carnage that is Europe.
House prices I'm afraid are destined to continue downwards for some time to come.
Thanks for dropping in and leaving such an interesting comment.
Debra L. Stokes-Moore on November 11, 2011:
seems like the UK housing market is about 12 to 18 months behind the US market if there are still people in denial about the value of their homes. Our crash became undeniable to the sane in 2008, but plenty of people remained in denial well into 2010, when they did some math and let their home be foreclosed on them. Had a relative do this, in her late 30's. She was going through a divorce, and realized if the house went on the market, it was worth about $80K less than they had paid for it in 2006 or 2007. Just really ugly. Their giant down payment was gone. They just walked away from it in summer 2009. There was no equity at all left, just an upside down debt. disgusting. Can't understand why the same scenario is playing out in every developed country the same way. I don't know about our voting laws. I guess there has to be an associated address with a voter in order to have an assigned district in which to vote.
Micheal (author) from United Kingdom on October 24, 2011:
Time for change!
Micheal (author) from United Kingdom on October 21, 2011:
The days of cheap mortgages are long gone and so are the days of the gullible punter.
The market continues to tank and what advice do we hear from our so called leaders?
Distraction and evasion.
Where is our Roosevelt, Lincoln or Churchill.
These current crop of politicians are not "fit for office or purpose"
Apart from Pres. Obama I don't hear any of them with a credible plan.
Or even a plan of any kind except; tighten your belts we are all about to starve.
Micheal (author) from United Kingdom on October 11, 2011:
Hi Amanda and thanks for dropping by. I remember the time you speak of when you had to show the bank you had X'000's of pounds in order to borrow the same amount i.e.for a mortgage. House ownership in the UK was a minority activity and always has been. What we have seen in the last 20 years is an economic aberration and really was unsustainable under any circumstances.
As you mentioned first time buyers are out of the market and they were a powerful group to lose. Most young adults today have given up the idea of buying a house as they see their friends up to their necks in debt and in negative equity.
Some that I speak to are smug and even taking some grim pleasure that some of their so-called friends are in dire straits. The house owners looked down on them when they were renting. The shoe is on the other foot now with a kind of who's the idiot now mentality?
By the way. Banks would love to get more idiots into the Buy to let market but it's not happening.
The buy to let owners have been hammered in this market and buy to let sales have contracted severely from 5% to less than 2% of the market today. Many landlords are now feeling rather silly.
Cameron needs to get a plan, any plan. cuts and inaction is not an answer.
thanks for your ideas.
Amanda Severn from UK on October 11, 2011:
It's true that the UK housing market is in a mess. Ideally houses should cost no more than 3 times the average annual income of the home owner. This is a realistic and affordable amount, and in years gone by mortgages were limited in exactly that way. Under Blair and Brown money became very freely available, and the nation went on a spending spree. House prices gallopped upwards because the punters could lay their hands on adequate cash to fund the increase. If the money had not been available there would have been far lower house price inflation. Now that money is less freely available house prices are on the slide, but the bankers are as sly as ever. They know that first time buyers drive the market, so the best way to keep house prices artificially high is to nobble first time buyers whilst at the same time encouraging buy-to-letters.
Micheal (author) from United Kingdom on October 03, 2011:
Hi wba108 thanks for the visit and comments.
Your correct, it is a fundamental economic fact that:-
"something is only worth; what someone else is prepared to pay for it"
I agree with you about the politicians except that I would put all of them, of all flavours and colours in the business of taking advantage of a gullible public, not to mention the banks and the building societies.
If the public are mortgaged to the hilt, you have a compliant workforce and very few dissenting voices?
House prices are tumbling here and have been for the last 6 years.
The UK government have lied, we never came out of recession at all.
All they did was print more money (200 billion pounds to be exact)and with that cash the UK treasury bought its own government bonds.
In the process they actually devalued the pound. This is a matter of public record.
The real question we must ask ourselves is:-
"Why isn't some politician somewhere screaming about this injustice and mismanagement"?
email@example.com from upstate, NY on October 03, 2011:
The truth is often simple but people simply don't want to hear it, especially when its hard to hear!
"something is only worth; what someone else is prepared to pay for it"
This is a true statement based on the basic's of economics in a freemarket but politicians will often take advantage of poeple's ignorance if they think it will benefit them. Liberal politicians do this for a living.-Regards-WBA
Micheal (author) from United Kingdom on September 30, 2011:
Hi Quill Again thanks for the kind comments. Just keeping you guys on the other side of the pond up to date on what is going on here in the UK. There are plenty of houses here as well; dirt cheap but in areas where no-one wants to live.
It's really quite bizarre? If people need somewhere to stay, then their priority should be to get a house and contribute to the community rather than say it's an undesirable area?
"Quill Again" on September 30, 2011:
Housing costs have risen all over the world. I can purchase a home in upscale US here from Canada af less than half the appraised value. It is a gold mine for anyone willing to invest right now.
Thank you for the hub on what is happening in the UK as well and the values and the way they have changed on your currency. The world at present is watching the markets and unsure of the direction things are going with the riots, wars and debt crises with Greece. Canada has a relatively secure market right now.
Blessings from Canada
Micheal (author) from United Kingdom on September 28, 2011:
Hi Everyone I have developed this article and clarified the situation in the housing market and would like comments. How do things seem to you?