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

jmayo

The Spider wrote: »

But then nothing is verifiable in this entire thread, it's all speculation.

It was speculation that got us into this fooking mess in the first place. :mad:

jmayo

cookie1977 wrote: »

And what about Iceland's proposal then?

Any comments there:
http://www.boards.ie/vbulletin/showpost.php?p=87807386&postcount=2151

Is there an election coming up by any chance ?
Isn't the current government actually the same party that led them into this mess in the first place ?
It smells of something ff would do to buy voters.

The big questions is where is the money going to come from ?
Oh yeah, they said they are going to raise taxes and impose levies on the financial institutions.
But wait aren't some of their financial institutions winding up ala IBRC so will be unable to pay these levies ?

This whole thing leaves more questions than answers.

cookie1977

It'll be interesting to see how it works. We'll either be laughing at them or using them as a model in the future. That is undeniable. I think it's a brave move to reignite their economy. Will it pay off? Better then what we're doing here...just watching and wishing!

Ray Palmer

jmayo wrote: »

It was speculation that got us into this fooking mess in the first place. :mad:

Please tell me you understand that you understand "speculation" is being used in a different manner to financial speculation.

The Spider

Ray Palmer wrote: »

Please tell me you understand that you understand "speculation" is being used in a different manner to financial speculation.

I didn't even bother to explain, too much effort.

jmayo

Ray Palmer wrote: »

Please tell me you understand that you understand "speculation" is being used in a different manner to financial speculation.

Dohhh.

Then again a hell of a lot of Irish people involved in property speculation or investment don't quiet grasp the fact that the definition of speculation also includes the risk of loss. :rolleyes:

speculation
noun
noun: speculation; plural noun: speculations

1.
the forming of a theory or conjecture without firm evidence.
"there has been widespread speculation that he plans to quit"
synonyms: conjecture, theorizing, hypothesizing, supposition, etc, ...

2.
investment in stocks, property, etc. in the hope of gain but with the risk of loss.

https://www.google.ie/#q=speculation

PS ever heard of a pun ????

Villa05

cookie1977 wrote: »

And what about Iceland's proposal then?

Any comments there:
http://www.boards.ie/vbulletin/showpost.php?p=87807386&postcount=2151

To borrow a phrase from Fianna Fail (Lord forgive my sins) "Ireland is not Iceland"

Ireland bailed out the banks, Iceland told em to f... off, as a result Iceland has greater flexibility in resolving their issues

byronbay2

McDook wrote: »

So now as promised i will leave your thread.

I feel like the boy at the end of the movie "Shane", begging the hero not to leave! We need you McDook, you are a breath of fresh air on this thread, where we have had the same people saying the same things (over and over and over again) for the past six months.

Don't go, McDook - we need you!

McDOOOOK!!

McDOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOK!!!!!!!!!!!!

cookie1977

Villa05 wrote: »

To borrow a phrase from Fianna Fail (Lord forgive my sins) "Ireland is not Iceland"

Ireland bailed out the banks, Iceland told em to f... off, as a result Iceland has greater flexibility in resolving their issues

That's not correct. They may not have nationalised much but they did nationalise some banks one called Glint or something cant remember need to check that out. But yes they didn't totally support the banking system like we did but that does not mean we cant learn a thing or two from them.

cookie1977

Nice read here on what really happened in Iceland:

http://studiotendra.com/2012/12/29/what-is-actually-going-on-in-iceland/

4. Iceland nationalised the banks.
This much is true. Iceland then privatised them again in record time. Two out of the three collapsed major banks in Iceland are now owned by the creditors. (“But I thought Iceland shafted the creditors?” Hah! Yeah, funny that.) The third bank, Landsbanki, is still nationalised but that’s solely because of the ongoing court cases involving Icesave (more on that later).
Most of the creditors actually sold their stakes to foreign hedge and vulture funds and the like. Again, google translate it if you actually care about the facts.
So, not only did Iceland re-privatise the banking system, we sold it out of the country.

http://en.wikipedia.org/wiki/Glitnir_(bank)

On October 7, 2008,[6][7] the Government of Iceland nationalised Glitnir by acquiring a 75% share in the bank for €600 million[8][9][10] through the Icelandic Financial Supervisory Authority. The government stated that it did not intend to keep the ownership of the bank for a long term period.
The Norwegian subsidiary of Glitnir Bank, Glitnir Bank ASA, was sold for NOK 300 million on October 21, 2008, or ISK 5.5 billion, but its current worth is estimated at ISK 36.5 billion. Glitnir Bank ASA was bought by 20 savings banks.

Zamboni

Had a nice chat with a gentleman from BOI.
They are going to make serious movement on the BTLs shortly.

cookie1977

Zamboni wrote: »

Had a nice chat with a gentleman from BOI.
They are going to make serious movement on the BTLs shortly.

Well lets hope the get their facts straight:

http://www.irishtimes.com/news/crime-and-law/courts/bank-of-ireland-attempt-to-repossess-family-home-despite-no-arrears-on-mortgage-1.1599231

An application by Bank of Ireland to repossess a family’s home, despite the mortgage arrears having been paid off, was struck out at the High Court yesterday.
The bank agreed there were no arrears on the Co Limerick home and it was in fact “slightly prepaid”, but argued the mortgage was “unsustainable into the future”.
Counsel for the lender told Mr Justice Brian McGovern the bank was aware the family owed other debts worth €265,000 to someone else.

Mr Justice McGovern said there might be something in the apprehension of the bank as the husband’s job as an electrician had suffered in the downturn, but he was “not going to start crystal-ball gazing”.

Zamboni

cookie1977 wrote: »

Well lets hope the get their facts straight:

http://www.irishtimes.com/news/crime-and-law/courts/bank-of-ireland-attempt-to-repossess-family-home-despite-no-arrears-on-mortgage-1.1599231

Ha!

cookie1977

It really shows the stupidity of the banks. We have mortgages out there that are can pay wont pay and limited money in the the banking system and what do they do? They go after mortgages that they themselves acknowledge are not in arrears and quote are "slightly pre paid!".

The daily cost of the high court can be from 10-20K. It really does beggar belief how most of these banks operate.

Zamboni

Zamboni wrote: »

Had a nice chat with a gentleman from BOI.
They are going to make serious movement on the BTLs shortly.

Oh and there are hundreds of these BTLs repossessions that will happen in SCD within the M50.

The Spider

Zamboni wrote: »

Oh and there are hundreds of these BTLs repossessions that will happen in SCD within the M50.

If it happens, and that's if, none of it will matter, because people want 3-4 bed houses in SCD, not apartments which is what 99.9% of BTL's are.

Zamboni

The Spider wrote: »

If it happens, and that's if, none of it will matter, because people want 3-4 bed houses in SCD, not apartments which is what 99.9% of BTL's are.

99.9% of BTLs are apartments?
That is quite a claim.
Forgive my skepticism.
Would you have a link to where I can see this data please?
Thank you kindly.

The Spider

Zamboni wrote: »

99.9% of BTLs are apartments?
That is quite a claim.
Forgive my skepticism.
Would you have a link to where I can see this data please?
Thank you kindly.

:rolleyes:

I said specifically SCD, and you know what I mean, I highly doubt there's an abundance of BTL 3 bed semi detached houses in SCD, not saying they don't exist, but you only have to look to Sandyford or Dundrum to see where the vast majority of BTL's are.

Now lets not get caught up on a number, and you may have my forgiveness for your skepticism.

spockety

cookie1977 wrote: »

And what about Iceland's proposal then?

Any comments there:
http://www.boards.ie/vbulletin/showpost.php?p=87807386&postcount=2151

Iceland have their own currency. The relevance of what their actions have to our situation is something you'd have to explain to us, taking into account the fact that they control their own currency.

Zamboni

The Spider wrote: »

:rolleyes:

I said specifically SCD, and you know what I mean, I highly doubt there's an abundance of BTL 3 bed semi detached houses in SCD, not saying they don't exist, but you only have to look to Sandyford or Dundrum to see where the vast majority of BTL's are.

Now lets not get caught up on a number, and you may have my forgiveness for your skepticism.

Oh OK - so you are only speculating. Thanks for clarifying.

The Spider

Zamboni wrote: »

Oh OK - so you are only speculating. Thanks for clarifying.

As is everybody in this entire thread, the whole thing is speculation, you said you had a chat with a man from BOI, which man? the porter? the guy who works on the cash desk? the IT guy? the loan advisor?

I call nonsense.

Zamboni

The Spider wrote: »

As is everybody in this entire thread, the whole thing is speculation, you said you had a chat with a man from BOI, which man? the porter? the guy who works on the cash desk? the IT guy? the loan advisor?

99.9% of BTLs in SCD within the M50 are family homes.

These family homes will be auctioned through Allsops and residential property prices in SCD will decrease by 6.4% in 2014.

gaius c

Zamboni wrote: »

Had a nice chat with a gentleman from BOI.
They are going to make serious movement on the BTLs shortly.

In fairness, we called McDook on his unsupported claims so we have to call you on yours too.
Come back to us to gloat when you're proved right.

Cuddlesworth

In fairness if you were going to repossess property in SCD, now is the perfect time. There is no supply and huge demand. But most importantly, the current price rises are completely unsustainable. The first to market with these houses makes the most back.

gaius c

The Spider wrote: »

As is everybody in this entire thread, the whole thing is speculation, you said you had a chat with a man from BOI, which man? the porter? the guy who works on the cash desk? the IT guy? the loan advisor?

I call nonsense.

And in the same vein, isn't it curious to see what weight you put on unsupported evidence depending on how much it agrees with you?

The Spider wrote: »

So based on McDooks informed posts, we'll have no massive repossessions, the banks will hold back until prices are rising, which is what is happening at the moment. I've said all this however I tip my hat to McDook who has confirmed not so much what I suspected but rather what I expected.

That's it bottom was last year, maybe the tail end of 2011, you won't see drops going forward for the foreseeable, supply will be tightened up until all those assets are worth the loans taken out on them.

gaius c

Cuddlesworth wrote: »

In fairness if you were going to repossess property in SCD, now is the perfect time. There is no supply and huge demand. But most importantly, the current price rises are completely unsustainable. The first to market with these houses makes the most back.

On the other hand, the banks most likely to dump first are the ones with the least amount of stock.

Property transactions are so low that even a small amount of stock might have a big effect though.

The Spider

gaius c wrote: »

And in the same vein, isn't it curious to see what weight you put on unsupported evidence depending on how much it agrees with you?

He said he works in the mortgage/repo area, and the same can be said for everyone in fairness.

However I do take the point.

Zamboni

gaius c wrote: »

In fairness, we called McDook on his unsupported claims so we have to call you on yours too.
Come back to us to gloat when you're proved right.

There are so many unsupported claims form one side I thought I'd even it up a bit.
Spider lad gets away with absolute murder on this thread.

The Spider

Zamboni wrote: »

There are so many unsupported claims form one side I thought I'd even it up a bit.
Spider lad gets away with absolute murder on this thread.

Nope I just have the opposite viewpoint, to you and apart from Cookie I'm seriously outnumbered.

Zamboni

The Spider wrote: »

:rolleyes:

I said specifically SCD, and you know what I mean, I highly doubt there's an abundance of BTL 3 bed semi detached houses in SCD, not saying they don't exist, but you only have to look to Sandyford or Dundrum to see where the vast majority of BTL's are.

So there are lots of apartments in Sandyford and Dundrum. But there are also thousands of family homes in SCD.
What would lead you to believe that 99.9% of the BTLs in SCD are apartments?

I don't believe there is any publicly available breakdown of distressed BTLs mortgages by property type.