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Mortgage Crisis Impacts Other Parts of the World

August 29, 2008

Yesterday we traveled to London for the start of a much needed vacation.  I received one of the free newspapers “The London Paper” and yesterday’s headline read “10% Wiped Off Price of Homes”.

The article goes on to tell of the decline in home prices in London and well as through the UK.  The 10% decline is the steepest since 1990.  The price of the average London home has fallen £40,000 since this time last year.  The average home price in London is no £371,983 ($679,389 US).

The news this morning seems the same we’ve been hearing in the US–the “credit crunch” is affecting the number of new mortgages being approved thus pushing average prices down.

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