FlyerInHi, my reading is that Yellen’s concerns are about the overall market: “The recent flattening out in housing activity could prove more protracted than currently expected rather than resuming its earlier pace of recovery,” she said.
Inventory has increased in Las Vegas a little, but that is not the issue here. It’s the number of offers received that has fallen off a cliff.
The problem in the UK can probably be isolated more or less to London, and central London in particular. Unfortunately, reliable statistics are not as forthcoming as in the US. One estimate is that 50% of central London buyers are foreigners.
I thought is was interesting that Yellen is concerned by a slow down, and the BoE is concerned by a bubble.
