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Bank write offs
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Take the Seán Dunne example...if that loan has to be written off, he'll find himself with no plot in Ballsbridge, but the banks will own it. He's not good for the money, so they write it off. Mortgage holders are good for the money, and if they weren't the same would apply and they'd be left homeless.
The VALUE of your house isn't linked to your ability to afford it. If it falls tough, if it rises who cares. You're never going to see the extra value in cash and you're not going to lose the fall in value in cash, unless you're an idiot on the average industrial wage with 6 houses making interest only repayments which you now can't meet due to the houses being empty and generating no income that have to be sold at a loss.
The phrase that comes to mind is "if you fall off a wall and break both your legs, don't come running to me" I have no pity.
You do when you sell it high and move to another country, then buy one for cash after paying off your old mortgage.
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Im Schweiz......Its all horrifically complicated, but the end result is a market where apartment prices aren't spiralling out of control, despite demand/occupancy being in excess of 97%, and new construction only likely to keep up with increase in demand over the coming decade.
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This aspect of the Irish Condition continues to bother me.
When I take stock of my own middle aged position and the level to which I undertook to devote SO much of my productive life to paying for a modest 3 bed semi in suburbia I feel a great sadness when I speak with friends in France,Germany and Austria who merely rent.
Yet they describe their situations as being very stable and have absolutely NO worries as to the security of their long term tenancies.
Well run,effectively managed maintenance,clear and enforcable duties on the part of Landlord and Tenant all allied to a Strong Official Monitoring system.
Yes they pay State and Local Taxes,water,gas and electricity charges and even some elements of local taxation which would raise squeals of protest here BUT their essential position even in the midst of this recession is far more stable than mine......as I teeter on the brink with no safety net to catch me .
When did the Irish decide that Home Ownership was to be the absolute pre-requesite to all other avenues in life.....because it has essentially emasculated an entire generation of creativity.....
Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.
Charles Mackay (1812-1889)
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Wasn't this the American model after the Great Depression, they decided that the best path to social stability was to keep people in line by turning them into mortgage slaves?When did the Irish decide that Home Ownership was to be the absolute pre-requesite to all other avenues in life.....because it has essentially emasculated an entire generation of creativity.....0 -
Im Schweiz......
This aspect of the Irish Condition continues to bother me.
When I take stock of my own middle aged position and the level to which I undertook to devote SO much of my productive life to paying for a modest 3 bed semi in suburbia I feel a great sadness when I speak with friends in France,Germany and Austria who merely rent.
Yet they describe their situations as being very stable and have absolutely NO worries as to the security of their long term tenancies.
Well run,effectively managed maintenance,clear and enforcable duties on the part of Landlord and Tenant all allied to a Strong Official Monitoring system.
Yes they pay State and Local Taxes,water,gas and electricity charges and even some elements of local taxation which would raise squeals of protest here BUT their essential position even in the midst of this recession is far more stable than mine......as I teeter on the brink with no safety net to catch me .
When did the Irish decide that Home Ownership was to be the absolute pre-requesite to all other avenues in life.....because it has essentially emasculated an entire generation of creativity.....
Absolutely correct. This obsession that people have with owing their own home no matter what the price, and becoming a mortgage slave for up to35 years.
Its pure greed that drives the prices up for a basic requirement such as a roof and 4 walls. Even still people talk about a recovery in prices. Half a million euro was almost the going rate for an average house in parts of Dublin. Perspective was lost years ago. Its time to sober up.0 -
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