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The property bubble bust up is coming to the Nordic countries, much to the chagrin of permabulls and the main stream media. In the leading business daily today, the wools is being pulled from their eyes. The worst hit city is a northern city. The headline is: "House bartering to save crisis market".
- Number of houses for sale are double from last year, and the average time to sell (for those that get sold) doubled from one month to three months. "In practice, the market has nearly come to a complete stop"
- Buyers expect a significant price cut, which sellers are unwilling to give.
- Banks require that your current home be sold first, before you get financing for your next. (Usually, there are no UK style "chains")
A major real estate broker agency now is trying an experiment - "home bartering". They are trying to connect existing home owners willing to swap properties, with the owner of the less valuable property paying the difference between the properties.
On a delusional note, the head broker says "Today's extreme surplus of houses could quickly turn into a crisis with a housing deficit" because of a complete stop in home building and a growing population.
Any other reports from Europe?
The following charts shows the number of used houses for sale in this country, from a daily count from the major online listings database, 2006-2008.
The following chart is from Denmark, showing the number of houses for sale for a longer time period:
- Number of houses for sale are double from last year, and the average time to sell (for those that get sold) doubled from one month to three months. "In practice, the market has nearly come to a complete stop"
- Buyers expect a significant price cut, which sellers are unwilling to give.
- Banks require that your current home be sold first, before you get financing for your next. (Usually, there are no UK style "chains")
A major real estate broker agency now is trying an experiment - "home bartering". They are trying to connect existing home owners willing to swap properties, with the owner of the less valuable property paying the difference between the properties.
On a delusional note, the head broker says "Today's extreme surplus of houses could quickly turn into a crisis with a housing deficit" because of a complete stop in home building and a growing population.
Any other reports from Europe?
The following charts shows the number of used houses for sale in this country, from a daily count from the major online listings database, 2006-2008.
The following chart is from Denmark, showing the number of houses for sale for a longer time period: