Difference between "Correction" & "Bust"

Discussion in 'Property Market Economics' started by jazzsidana, 26th Sep, 2018.

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  1. Tony3008

    Tony3008 Well-Known Member

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    Back in the UK a tax change precipitated a boom and bust - prices doubled between 1985 and 1989, fell 30% to bottom out in 1992 and had recovered to 1989 levels by 1998. But during the dip tens of thousands lost their houses when they couldn't keep up their mortgage payments (in an era when interest rates were much much higher) https://www.economicshelp.org/blog/761/mortgages/mortgage-default-rates-in-uk/ [house prices metro London, Nationwide house price index]
     
    Tony3008, 28th Sep, 2018
    #21
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