Glut of repossessed houses could depress prices ‘by up to 25%’

Villa05

The Spider wrote: »

The 20% in arrears, will benefit from higher prices, because the higher they go the further they're dragged out of negative equity, if anything they didn't benefit from lower prices.

As for my or anyone else's children paying double prices? In 1995 my first proper corporate job I was paid 12 grand a year, by 2000 new entrants to the company were paid 18 grand a year for doing the same job, now after the crash and taking into account euro conversion, someone coming in would be paid between 29 and 33 grand.

So you see where wages are going up on a constant trajectory over the long term, so prices may double over time but so will wages and so will the price of a pint.

Wages always rise is the new Property prices will always rise
Good luck with that one http://www.rte.ie/news/2013/1108/485416-stiglitz-economy-bailout/

From 1995 to 2000, anyone willing to work had no problem finding a job, this was a purely export driven boom, property quickly took over and swallowed up our competitiveness. The disaster that followed will have to be paid for by multiple generations.

From 09 to current many looking for work can not get work and are choosing to leave. This notion that they will get experience abroad and come back is delusional. I suspect, those that are successful abroad will never come back on a permanent basis. Life goes on, they are young, highly driven and educated and will have families elsewhere.

Outside of the 200k that are in arrears there are many more barely holding on. Any increase in rates will pull more and more into trouble and given that mortgages were given out over a 35 year period, substantially higher rates are certainty during the lifetime of the mortgage.

cookie1977

Just to give a corresponding point of view on the above. I have a lot of respect for Stiglitz. He was spoke out many times blaming the removal of the restrictions of the Glass–Steagall Act in the US as being a major cause of the current world financial crisis but he has been spectacularly wrong on other occasions. He was advising the Greeks and had done interviews on tv saying that they and Spain were fine and would work things out...that's not long before they needed a bailout.

And quite famously he published a paper saying that Fannie Mae and Freddie Mac wouldn't fail...

Villa05

I think he is right on, the lost decade.
austerity, with everyone putting their shoulder to the wheel does work. Too many vi's in this country escaped paying there share.

cookie1977

Villa05 wrote: »

I think he is right on, the lost decade.
austerity, with everyone putting their shoulder to the wheel does work. Too many vi's in this country escaped paying there share.

It depends on what he means by lost decade. It means different things to different people. Not sure what vi's are? Victims? Yes I would like everyone to pay their fair sure to get us back to growth.

Asked about the economy's prospects of recovery, Mr Stiglitz said: "Will you get back to the growth path you were on? Almost surely, no.
"Will you get back to where you were with maybe a lost decade? Yes, I think you will. But it will be a lost decade, at least."

I'd disagree with him that won't get back to the growth path we were on. Although I love his use of probability theory

Villa05

Will someone please save me from this stupidity!!!!!!!!!!!!!!!!

Mod's Could you please relax the rules so that people can accurately describe how they feel about this ****ing rag
http://www.independent.ie/opinion/columnists/gerard-oregan/gerard-oregan-keane-has-boosted-our-feelgood-factor-so-is-it-time-to-buy-a-house-29740090.html

NOW Roy Keane is part of a new partnership – hopefully heralding a new age for Irish soccer – could it also mean those thinking of buying a house should move pretty fast?

worded

Villa05 wrote: »

Will someone please save me from this stupidity!!!!!!!!!!!!!!!!

Mod's Could you please relax the rules so that people can accurately describe how they feel about this ****ing rag
http://www.independent.ie/opinion/columnists/gerard-oregan/gerard-oregan-keane-has-boosted-our-feelgood-factor-so-is-it-time-to-buy-a-house-29740090.html

Ah ted ....

It's the whole rabbit and tennis connection here again ....

http://m.imdb.com/title/tt0578523/quotes?qt=qt0174420

jd1983

Villa05 wrote: »

Will someone please save me from this stupidity!!!!!!!!!!!!!!!!

Mod's Could you please relax the rules so that people can accurately describe how they feel about this ****ing rag
http://www.independent.ie/opinion/columnists/gerard-oregan/gerard-oregan-keane-has-boosted-our-feelgood-factor-so-is-it-time-to-buy-a-house-29740090.html

Jeez, that article ranks above even brendan o'connor's 'smart & ballsy' article in terms of taking the general public for mugs. Does any boardsie know if they're being instructed by their bosses to be pro property selling? Because I can't see how anyone in their right mind could believe there's a meaningful connection between these two events. Writing such tripe couldn't be good for a journalists career either...

Villa05

Marian Finucane worth a listen back, to gauge the stupidity of this country

Some of the guests comments and spoken with some passion, might I add:

"Need to be careful with with repossessions on BTL's, there owners are not unimportant people" :eek:

"These are wealth creators"

"Nurses, Guards, Doctors, Solicitors all invested in property for their pension" :eek:

The_Conductor

Villa05 wrote: »

Will someone please save me from this stupidity!!!!!!!!!!!!!!!!

Mod's Could you please relax the rules so that people can accurately describe how they feel about this ****ing rag
http://www.independent.ie/opinion/columnists/gerard-oregan/gerard-oregan-keane-has-boosted-our-feelgood-factor-so-is-it-time-to-buy-a-house-29740090.html

Be my guest. As long as you're not being defamatory or posting something potentially libellous, I'm quite liberal in what I allow people to post- as are my two co-mods.

I'm not fond of yonder rag either- aside from the crap they write- the very writing style and shrill reporting- gives me a headache. My one joy to read every week- is when my copy of 'The Economist' lands on my doorstep. If I'm ever sick in bed or in hospital (which unfortunately happens too frequently), I ask a visitor to bring me the Financial Times Weekender- its intelligent, witty and thought provoking- and contrary to its title- a minority of its articles are financial in nature. Also of interest- is a sister publication of 'The Economist' entitled 'Intelligent Life'.

Life is too damn short to read the trite in the Indo.

cookie1977

Villa05 wrote: »

Marian Finucane worth a listen back, to gauge the stupidity of this country

Some of the guests comments and spoken with some passion, might I add:

"Need to be careful with with repossessions on BTL's, there owners are not unimportant people" :eek:

"These are wealth creators"

"Nurses, Guards, Doctors, Solicitors all invested in property for their pension" :eek:

I'm listening to that too and I would add that they also complained about banks inability to actually deal properly with those in debt that could be resuscitated. They also asked what would happen to those in BTL's that were repossessed. Not to mention thee pointless PIPs.

Villa05

"Need to be careful with with repossessions on BTL's, there owners are not unimportant people"

My question is simple and should be pre-declared prior to the broadcast:

How many BTL owners participated in that discussion?

FFS the suicide card was raised again.

lima

Villa05 wrote: »

FFS the suicide card was raised again.

Desperate.

I saw the Sindo had a property discussion where they got to mention this 'boom' for pages while at the same time pushing the 'debt forgiveness' agenda

Unbelievable.

Thargor

lima wrote: »

I saw the Sindo had a property discussion where they got to mention this 'boom' for pages while at the same time pushing the 'debt forgiveness' agenda

Saw that aswell (at my parents house, I dont buy that trash), it was a full 2-page propaganda feature, totally shameless.

on_my_oe

As a renter contemplating buying, I would be personally delighted if repossession took place, especially of the BTLs. Our landlord received rent for more than five years but never made a mortgage payment, even though his rent was 40% more than the mortgage payments. I get riled up when I see articles claiming there are no strategic defaulters - there are six in our apartment building of 40 apartments!

handlemaster

on_my_oe wrote: »

As a renter contemplating buying, I would be personally delighted if repossession took place, especially of the BTLs. Our landlord received rent for more than five years but never made a mortgage payment, even though his rent was 40% more than the mortgage payments. I get riled up when I see articles claiming there are no strategic defaulters - there are six in our apartment building of 40 apartments!

While the rent maybe 40% more than his mortgage rate ( how you know this to be a fact is questionable) you Dont realise the tax man takes his cut regardless of your mortgage repayments.

on_my_oe

handlemaster wrote: »

While the rent maybe 40% more than his mortgage rate ( how you know this to be a fact is questionable) you Dont realise the tax man takes his cut regardless of your mortgage repayments.

Not questionable at all.. we know how much rent we were charged, and we know how much his mortgage repayments are as the details were all contained on the repossession order which the sheriff handed to us when he came to serve the paperwork. We discovered unfortunately that he had never told his bank that he was renting the property out so we were left to vacate in a hurry as we had no rights. So not questionable on our part but very dishonest of him.
I'm also very aware that the tax man SHOULD get his cut, but we also discovered that he wasn't paying his tax when we were contacted by Revenue.
Last but not least we are also aware he should have been paying management fees, but a debt collector came to the door looking for those too.

handlemaster

on_my_oe wrote: »

Not questionable at all.. we know how much rent we were charged, and we know how much his mortgage repayments are as the details were all contained on the repossession order which the sheriff handed to us when he came to serve the paperwork. We discovered unfortunately that he had never told his bank that he was renting the property out so we were left to vacate in a hurry as we had no rights. So not questionable on our part but very dishonest of him.
I'm also very aware that the tax man SHOULD get his cut, but we also discovered that he wasn't paying his tax when we were contacted by Revenue.
Last but not least we are also aware he should have been paying management fees, but a debt collector came to the door looking for those too.

I did wonder how you came by the info alright. Well at least you might pick up a cheap property if your in the market. Strange you had to leave I'm assuming quickly by what you are saying

on_my_oe

handlemaster wrote: »

I did wonder how you came by the info alright. Well at least you might pick up a cheap property if your in the market. Strange you had to leave I'm assuming quickly by what you are saying

We contacted the bank's solicitors, explained that we were tenants and asked to remain. We offered documentation (evidence of rent paid, copies of our lease and PTRB registration), but they weren't interested... its occasionally hard for us to have sympathy for BTL owners.

Villa05

Wonder if people like this accumulating rent payments and not paying the mortage are some of the current cash buyers. Not unimportant people indeed

lima

Villa05 wrote: »

Wonder if people like this accumulating rent payments and not paying the mortage are some of the current cash buyers. Not unimportant people indeed

We'll probably never know but I wouldn't be surprised.

Zamboni

Actually picked up the Sindo in the supermarket for the first time in my life to entertain myself with the BS property pullout.

I got to the till and as I was unpacking the trolley I picked it up and couldn't bring my self to give them c**** my €2.80 so I left it there.

It appears the morons are trying another self fulfilling prophecy.
I think they will get it too...plenty of morons in this country.

Villa05

Aldi and dunnes have better value on toilet paper

Villa05

@on my ow
Will up please write a letter to your fg, lab td asking them why you are paying rent to a ll and at the same time paying taxes to bail out banks and your reward is evivtion. While the landlord escapes with theft aided by the banks bailout

Include the proof if possible

cookie1977

on_my_oe wrote: »

We contacted the bank's solicitors, explained that we were tenants and asked to remain. We offered documentation (evidence of rent paid, copies of our lease and PTRB registration), but they weren't interested... its occasionally hard for us to have sympathy for BTL owners.

I dont really understand how you could be evicted without a proper reason.

ChRoMe

cookie1977 wrote: »

I dont really understand how you could be evicted without a proper reason.

Tenants have little to no rights, it's easy to imagine the bank not caring.

This country doesn't even have a standard escrow for f**king deposits!

cookie1977

ChRoMe wrote: »

Tenants have little to no rights, it's easy to imagine the bank not caring.

This country doesn't even have a standard escrow for f**king deposits!

Tenants have a lot of rights as long as they go and utilise them. There's plans for deposits to be kept by the PRTB (but that's for another discussion).

Cuddlesworth

cookie1977 wrote: »

Tenants have a lot of rights as long as they go and utilise them. There's plans for deposits to be kept by the PRTB (but that's for another discussion).

My understanding of a repossession is, there are two distinct situations.

There are your rights as a tenant in which your landlord must uphold.

Then there is the fact that the landlord no longer owns the property.

So the bank has no obligation to your rights as a tenant, because they are not your landlord. And you can try recover the costs and damages of immediate eviction from your actual landlord but I think at that point you are on a long list of people looking for money.

cookie1977

Cuddlesworth wrote: »

My understanding of a repossession is, there are two distinct situations.

There are your rights as a tenant in which your landlord must uphold.

Then there is the fact that the landlord no longer owns the property.

So the bank has no obligation to your rights as a tenant, because they are not your landlord. And you can try recover the costs and damages of immediate eviction from your actual landlord but I think at that point you are on a long list of people looking for money.

You now have a new landlord and that does not superced your rights as a tenant. The tenancy was in place prior to repossion so it still stands. Rights and laws must still be upheld and any evictions must fall under the proper procedures.

Cuddlesworth

cookie1977 wrote: »

You now have a new landlord and that does not superced your rights as a tenant. The tenancy was in place prior to repossion so it still stands. Rights and laws must still be upheld and any evictions must fall under the proper procedures.

I don't buy that. Your contract is with the old owner, not the new one. They are not a landlord, they signed nothing to that effect.

cookie1977

Cuddlesworth wrote: »

I don't buy that. Your contract is with the old owner, not the new one. They are not a landlord, they signed nothing to that effect.

Doesn't matter you cannot evict someone without valid reasons and a valid time line. This is the law.