Political ramifications of a property crash

Mad Finn

constitutionus wrote:

yay im quoteable !

and for the record nothing in "south dublin " (though you really mean the D4/6 crowd, hardly reflective of most of south dublin!) can affect me. i got on the property market years ago. thered have to be a 75% reduction in the cost of housing to put me into negative equity

Er, I wasn't trying to imply that your particular circumstances were the epitome of what governs the market. So you were lucky with timing? So what? (So was I but I live in D4 and you live in Tallaght ) Don't confuse good fortune with acumen.

Your attitude suggests to me that when the crash comes and the unfortunates-and there will be some-who get caught out simply because they came of marriageable age and bought their family home at the wrong time will be the subject of your scorn and suggestions that it's all their own fault because they were born too late.

Like I said earlier, a crash would inevitably bring back into the market those who felt they had hitherto been priced out of it. It will not necessarily be disastrous for everybody but the unsympathetic attitude of some people won't help matters at all.

Lemming

hmmm wrote:

All this "kowtowing to speculators" stuff is nonsense. We are building close on 100,000 houses a year which is ridiculous for a population of 4 million

Agreed. 100,000 houses is ridiculous. So is it 100,000 units? I'd like to ask just how much of that 100,000 is actual housing and not cardboard box apartments?

The market will sort itself out. The key thing is not to let yourself get caught up in the hysteria and look at this market through cold financial eyes.

Ho-ho-ho .. the market will sort itself out ... rest assured of that. You might not like the manner in which it does, but it will. And every two-bit FF/PD'er is going to be running for cover when it does.

constitutionus

Mad Finn wrote:

Er, I wasn't trying to imply that your particular circumstances were the epitome of what governs the market. So you were lucky with timing? So what? (So was I but I live in D4 and you live in Tallaght ) Don't confuse good fortune with acumen.

Your attitude suggests to me that when the crash comes and the unfortunates-and there will be some-who get caught out simply because they came of marriageable age and bought their family home at the wrong time will be the subject of your scorn and suggestions that it's all their own fault because they were born too late.

Like I said earlier, a crash would inevitably bring back into the market those who felt they had hitherto been priced out of it. It will not necessarily be disastrous for everybody but the unsympathetic attitude of some people won't help matters at all.

the only one here with an attitude is you, as shown by your comments in the other thread. dont project your bigotry on me. if you even read my other posts in this thread you'll see i hold the government responsible for this housing crisis. you know the guys who people in your area vote for. and i wasnt "lucky with timing", when i bought all my mates thought i was mad believing no house was worth that much money and there wernt any 100% mortages, i took a big damn risk. if theres any luck its that its tripled in price, more than likely covering any crash hit

as to a crash bringing the market back to everyone, your right. unless of course the banks also start looking for the money that people have taken out on credit cards too. which is now in excess of the mortgage debt. weve over borrowed big time in this economy, come the crash most people credit rating will be in the toilet so it'll probably be the generation after the ones with the houses now that'll benefit

oscarBravo

constitutionus wrote:

the only one here with an attitude is you, as shown by your comments in the other thread. dont project your bigotry on me.

One week ban.

Mad Finn

constitutionus wrote:

dont project your bigotry on me.

Well now that's ironic.....

constitutionus wrote:

if you even read my other posts in this thread you'll see i hold the government responsible for this housing crisis. you know the guys who people in your area vote for.

...especially when you look at the TDs from Dubin South East (incorporating D4/D6) One FF, one PD, one Green and one Labour. (Noel Ryan, Michael McDowell, John Gormley and Ruari Quinn)

Reactionary shower of rezoners all. :rolleyes:

constitutionus wrote:

and i wasnt "lucky with timing",

Oh yes you were.

constitutionus wrote:

as to a crash bringing the market back to everyone, your right. unless of course the banks also start looking for the money that people have taken out on credit cards too. which is now in excess of the mortgage debt. weve over borrowed big time in this economy, come the crash most people credit rating will be in the toilet so it'll probably be the generation after the ones with the houses now that'll benefit

Well some of that's true, but there are a few mitigating factors.

1) as has been stated, a lot of people are extending themselves to 'get on the ladder' That will abate if/when the correction/crash comes.

2) Keep an eye on the credit card borrowing figures over the next few months (if indeed such figures are made available). It would be interesting to see how many people use their SSIA cash to pay off credit card debts. I'm looking forward to wiping that slate clean myself.)

gurramok

Lemming wrote:

Agreed. 100,000 houses is ridiculous. So is it 100,000 units? I'd like to ask just how much of that 100,000 is actual housing and not cardboard box apartments?



Ho-ho-ho .. the market will sort itself out ... rest assured of that. You might not like the manner in which it does, but it will. And every two-bit FF/PD'er is going to be running for cover when it does.

Hope it'll hit hard for those govt ministers\TD's with tax breaks for second homes!

Headline - 'Second home tax breaks exclusively for ministers'
http://home.eircom.net/content/unison/national/8861800?view=Eircomnet