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Negative equity is greater than published

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  • 08-08-2012 8:44am
    #1
    Chicke
    Registered Users Posts: 107 ✭✭


    I live in a property that has gone down by at least ( asking prices not actual price of transfer of property) 60% since peak values.We live in a very bad part of Cork where we need to get out of for our mental health. A friend of mines apartment has gone down by 75% and it looks like that although she bought in 2001 it will be 2021 when her negative equity clears(on the basis of mortgage amortization tables)
    This is the reality of negative equity and it is crippling a generation


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    #2
    eyescreamcone
    Banned (with Prison Access) Posts: 2,562 ✭✭✭eyescreamcone


    This is the reality for lots of people.
    Some people are renting out their own house and then paying rent on another property that better suits their needs.
    More bedrooms, closer to schools etc.

    Reluctant Landlords is the term being used.
    Not the ideal situation but it works for some people.


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    #3
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


    Chicke wrote: »
    I live in a property that has gone down by at least ( asking prices not actual price of transfer of property) 60% since peak values.We live in a very bad part of Cork where we need to get out of for our mental health. A friend of mines apartment has gone down by 75% and it looks like that although she bought in 2001 it will be 2021 when her negative equity clears(on the basis of mortgage amortization tables)
    This is the reality of negative equity and it is crippling a generation
    I don't get what your point is. That is negative equity yes.
    It also isn't a generation either. Only a portion. Not everybody bought and not everybody bought something unsuitable.
    It isn't the majority in trouble and those that are got there by their own choices.
    You bought in a bad area why?
    I worked with a girl who thought I was crazy considering rental potential when buying my home. Biggest investment in your life you would want to examine it hard.


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    #4
    Theboinkmaster
    Registered Users Posts: 3,994 ✭✭✭Theboinkmaster


    Chicke wrote: »
    I live in a property that has gone down by at least ( asking prices not actual price of transfer of property) 60% since peak values.We live in a very bad part of Cork where we need to get out of for our mental health. A friend of mines apartment has gone down by 75% and it looks like that although she bought in 2001 it will be 2021 when her negative equity clears(on the basis of mortgage amortization tables)
    This is the reality of negative equity and it is crippling a generation

    What's your point? Sorry don't feel much sympathy for you and it's not an entire generation as plenty of people saw what was happening in the boom and stayed well away.


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    #5
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    Hands up who is not in negative equity and is fed up of people complaining about it

    hands-up.jpg


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    #6
    Gary The Gamer
    Banned (with Prison Access) Posts: 179 ✭✭Gary The Gamer


    This is the reality and they will have to live with their mistakes. Let it be a cautionary tale to our younger people that mortgages and property buying are not something to be jumped into or taken lightly. Get it wrong and you could ruin your life like these people. If everybody learned that lesson then we would never have another ruinous property bubble again and the rest of us wouldn't have to "share the burden" of others mistakes.


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    #7
    whippet
    Registered Users Posts: 7,686 ✭✭✭whippet


    Zamboni wrote: »
    Hands up who is not in negative equity and is fed up of people complaining about it

    hands-up.jpg

    well you will have to grin and bare it for many years to come.

    Negative equity is a social as well as an economic problem in ireland. NE will shape how a generation works, lives and produces the next generation.

    We will have a work force who are not mobile, couples unable to have proper families due to money restrictions and physical restrictions of home sizes.

    You will have 'reluctant' landlords which will create a mess of a rental market in more ways than just cheap rents, there will be a massive influx of landlords who will have no idea of their obligations along with tenants who are landlords themselves and that is a recipe for a crock of sh1te.

    Those who whinge and moan about any sort of break that might have to be given to those who are in NE etc ... can whinge and moan all they like, but as long as they are taxpayers they will be paying for it .. unless they leave the country


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    #8
    Gurgle
    Closed Accounts Posts: 5,064 ✭✭✭Gurgle


    Zamboni wrote: »
    Hands up who is not in negative equity and is fed up of people complaining about it

    hands-up.jpg
    Hands up who is in negative equity and is fed up of people complaining about it.
    hands-up.jpg
    No, I couldn't clear my mortgage by selling my house.
    No, I don't care.
    I don't want to sell my house I want to live in it.
    That's what I bought it for.


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