IMF - The Irish economy is in the midst of an unprecedented economic correction

The stress exceeds that being faced currently by any other advanced economy and matches episodes of the most severe economic distress in post-World War II history. Banks face extensive losses and double-digit fiscal deficits over the next three years will imply a run up in public debt. The short-term dislocations come on top of a sharp decline in potential growth, implying a modest pace of recovery.

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NYTimes: Why Home Prices May Keep Falling

From The New York Times:

ECONOMIC VIEW: Why Home Prices May Keep Falling

By ROBERT J. SHILLER

Despite the uptick last week in pending home sales and recent improvement in consumer confidence, we still appear to be in a continuing price decline....

http://www.nytimes.com/2009/06/07/business/economy/07view.html

A good intro to my maps on googlemaps

http://earth.google.com/outreach/tutorial_mymaps.html

A Handy Mashup

Track where your blog readers are coming from...

http://tins.rklau.com/2009/06/who-and-where-are-you.html

NYTimes: Let the Kid Be

From The New York Times:i

THE WAY WE LIVE NOW: Let the Kid Be
By

House prices continue to fall as buyers hold out - The Irish Times - Thu, May 28, 2009

The rate of the decline is speeding up, read on...

http://www.irishtimes.com/newspaper/finance/2009/0528/1224247598562.html

McWilliams: houses prices are likely to fall another 50 per cent

Take a long look at the chart below. Digest it. Maybe look again if you have to. This happened in the most sophisticated economy in the world. This is what happened to the price of development land in Japan. Prices roared upwards and then collapsed, ending up below where they started at the beginning at the boom. This is likely to happen here; development land is likely to settle back to 1996 prices. We haven’t seen the half of it yet.

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