CNN: Europese huizenbubbels staan op breken.

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Standard & Poor's Ratings Services said Europe's housing markets are finally, and overwhelmingly, turning down.

'And in those countries where the housing bubbles have been expanding for longer, Standard & Poor's (NYSE:MHP) believes the corrections could be severe and painful,' the agency added.

Particularly at risk are the U.K. housing market, where the financial crisis is exacerbating issues of affordability and general economic gloom, and the Spanish housing market, which is coming to terms with a largess of new homes, S&P said.

It added that, at the same time, there are signs that housing in Ireland is becoming more affordable, while a combination of low indebtedness and fiscal stimulus should help support the market in France.

S&P said the current deceleration in the U.K. market, which began in August 2007, could be attributed to the rise in interest rates from August 2006 to September 2007. It added that if that logic holds true, interest rate cuts since last December could see house price inflation bounce back in the second half of 2008.

'In our opinion, such a favorable outcome is extremely unlikely in the current circumstances. This is because the U.K. housing market is now experiencing three shocks at the same time -- deteriorating levels of affordability, scarcer funding, and a cautious reaction from buyers to the domestic economic slowdown,' S&P however said.

It noted that the price-to-income ratio is at an all-time high and this, combined with unprecedented levels of household debt (97 percent of GDP in 2007 compared with 59 percent in the Eurozone), calls for a significant correction.

S&P's central forecast assumes U.K. house prices to be flat on average in 2008, with a modest increase of 4 percent in 2009. Repossessions will likely rise as a result of the worsening market conditions, to reach 45,000 in 2008 from 30,000 in 2007, it said.

'Compared with previous downturns, these predictions appear relatively moderate. However, the downside risks should not be underestimated,' S&P added.

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Op donderdag 3 april 2008 00:06 schreef Pony-Lover het volgende:

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grote verschil is dat die HRA niet zomaar zal wegvallen (hoe dom en prijsopdrijvend het ook is om de gemeenschap op te laten draaien voor mensen hun rente)

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Op donderdag 3 april 2008 00:13 schreef LXIV het volgende:

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Dat valt nogal mee denk ik. Want die 10% geld natuurlijk alleen maar voor niew af te sluiten hypotheken. En die zullen vanzelf een lager bedrag hebben dan nu het geval is, omdat de mensen het zelf ook niet betalen kunnen.

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Op donderdag 3 april 2008 00:29 schreef LXIV het volgende:

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Natuurlijk. En dán HRA langzaam afbouwen is ook geen optie, want dan kan de burger het helemáál niet betalen! We hebben gewoon veel en veel te veel geleend met zijn allen de afgelopen jaren. EN dat moe tooit terugbetaald worden.