The Hong Kong housing bubble is probably the biggest in the world right now, maybe second to London’s. But, unlike London, things are starting to fall apart, rather quickly, in Hong Kong now, as the economic woes from the mainland spread to its ancillary holdings.
craziest housing bubble ever
Over the past quarter, underwater mortgages in Hong Kong surged 15x to 1,432, up from 95 the previous quarter. Moreover, the value of said mortgages are in the area of $630 million.
Property sales are at 25 years lows and the price declines are staggering.
For the month of February, property prices are down 3.5% and -21% over the past year. Prices have dropped for 6 consecutive months and not a peep out of it from the media.
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Time to move to HK
Yes, the danger must be growing
For the rowers keep on rowing
And they’re certainly not showing
Any signs that they are slowing…………A view from aboard the Ark this morning…..
MOAR signs that Asian currency devaluations are on the close horizon.