american Dream and Nightmare

Global Economy

Desperate Households - USA

ABC News on the American Housing Disaster

June 2008
This year, millions of homes in the US will be repossessed. Wall Street was aware of the risks involved with sub-prime lending but chose to ignore them. No ethics, just money- here is a story of greed and recklessness.

In California, the sub prime crisis has hit homeowners full on. Repossessions have become routine and the foreclosure rate is still accelerating. Neat façades and tidy gardens can't prevent houses being sold for almost half of what they cost a year ago. Pressed for time and money, owners are torn out of their homes: 'It's like leaving your children' says Rob. He is hoping the bank will accept a quick sale and forgive the loss, but this is unlikely. Most are made to wait until they default on repayment, which wrecks their credit record. Former bankers reveal how low interest rates were meant to boost the economy. Banks looked for ways to make profit despite low rates and chased high-risk mortgages that would pay 8 or 9%, ignoring the consequences for borrowers if prices fell and interest rates rose again: 'There's no perception of the guy in some tiny little house in Detroit or in Philadelphia or in Stockton who basically might be losing their home.' Now that the system has failed, banks are less ready to lend money and this impacts on the entire economy. Families lose their homes, businesses fail...Wall Street gambled and the world has to pay.

Source: Desperate Households - USA

L'immobilier fait des rabais sur Internet

Acheter une maison ou un appartement sur internet, comme une chemise ou une paire de basket ? Loin d’être loufoque, cette possibilité est aujourd’hui une réalité.

Le site vente-privee.com propose ainsi, depuis lundi matin, en partenariat avec Kaufman &Broad, des biens en cours de construction dans toute la France. Sur la seule région Languedoc-Roussillon, sont mis en vente des appartements situés à Montpellier quartier Ovalie, Sète, Béziers et Perpignan.

La ristourne proposée sur le site reste raisonnable : autour de 5 %. Résultat : les internautes n’ont pas pris d’assaut ces appartements allant du deux au cinq pièces. Sur quinze biens mis à la vente seulement deux ont, sur simples plan et descriptif, trouvé preneur.

Une démarche analogue est menée à partir du 15 juin par le site avendrealouer.fr. Cette vente immobilière"flash" portera sur un volume de 100 logements neufs. Seule Montpellier est concernée dans la région. L’occasion pour les promoteurs immobiliers de relancer le marché auprès d’une clientèle en mal de pouvoir d’achat ?

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