Depressing

Frank Lee Midere

Montroseee wrote: »

They are the Celtic Tiger mortgages though, I'd wager that very few relatively new mortgages are in arrears as you need large deposits and much higher incomes to get the same amount as back in 06.

It doesn't matter. If the mortgages were called in. If houses were reposssed there would be tens of thousands of houses available in Dublin South.

Ray Palmer

Frank Lee Midere wrote: »

The percentage in Dublin is irrelevant because this house is bring compared to houses anywhere in Ireland.

.

Location,location,location

Prices are determined by the income of the people who need to live in the area to earn the money. Don't expect to get it at FTBs income

woodseb

Frank Lee Midere wrote: »

It doesn't matter. If the mortgages were called in. If houses were reposssed there would be tens of thousands of houses available in Dublin South.

yeah, cos those families would just disappear and not need somewhere to live:rolleyes:

Ray Palmer

Frank Lee Midere wrote: »

It doesn't matter. If the mortgages were called in. If houses were reposssed there would be tens of thousands of houses available in Dublin South.

They are some ifs. The other issue is that last time I saw people behind in their mortgages were focussed outside of Dublin. People living close to major employment tend to be able to service their mortgages so less likely to be repossessed if that is going to happen.

I completely understand the view that if there was a major change to what is actually happening major changes would happen. The problem is those changes are not looking likely nor have they happened. Given this the outcome will not happen. You have to accept what is the situation.

Projected theory on what could happen is a bit pointless when it hasn't happened and not likely to happen.

Zamboni

woodseb wrote: »

yeah, cos those families would just disappear and not need somewhere to live:rolleyes:

And what of them??? Let the Dept deal with them.

The current situation = People that have money and good earnings are living in far inferior accommodation than people who have no money, are in negative equity and little or no earnings.
What about those people - the people who have been educated, worked, earned and accumulated wealth.
I'm sick of this argument where folks who have done nothing wrong are punished and suffer the consequences of no repossessions
"Oh where would we put all those poor evicted people - They can't live in Letirim"
Theboinkmaster should be sitting in that house for €200k - €250k.
This country is a sick and twisted kip that actively discourages personal responsibility, self sufficiency, independence and critical thinking.

Theboinkmaster

Zamboni wrote: »

And what of them??? Let the Dept deal with them.

The current situation = People that have money and good earnings are living in far inferior accommodation than people who have no money, are in negative equity and little or no earnings.
What about those people - the people who have been educated, worked, earned and accumulated wealth.
I'm sick of this argument where folks who have done nothing wrong are punished and suffer the consequences of no repossessions
"Oh where would we put all those poor evicted people - They can't live in Letirim"
Theboinkmaster should be sitting in that house for €200k - €250k.
This country is a sick and twisted kip that actively discourages personal responsibility, self sufficiency, independence and critical thinking.

Couldn't have said it better myself.

woodseb

Zamboni wrote: »

And what of them??? Let the Dept deal with them.

The current situation = People that have money and good earnings are living in far inferior accommodation than people who have no money, are in negative equity and little or no earnings.
What about those people - the people who have been educated, worked, earned and accumulated wealth.
I'm sick of this argument where folks who have done nothing wrong are punished and suffer the consequences of no repossessions
"Oh where would we put all those poor evicted people - They can't live in Letirim"
Theboinkmaster should be sitting in that house for €200k - €250k.
This country is a sick and twisted kip that actively discourages personal responsibility, self sufficiency, independence and critical thinking.

i wasn't disagreeing with the general inequality and unfairness of the situation

just pointing out that the solution proposed was terrible and unworkable

No Pants

Zamboni wrote: »

"Oh where would we put all those poor evicted people - They can't live in Letirim"

Even Oliver Cromwell offered Hell as a choice.

gaius c

El_Dangeroso wrote: »

Are you actually saying with a straight face 100K is not an exceptional salary that is only reserved for a small minority?

Gonna need a citation for that..

14% of households earn over €100k but that's not what Ray was saying. He was saying individuals and for the "those are the people causing SoCoDu prices to rise" theory to work, each and every one of them would have to be living in SoCoDu, which is clearly ridiculous.

Frankly, if I were in the top 14% of earners and all my hard earned cash would get me was a 3 bed semi in Ballinteer, I'd be saying "nah I'm grand. Thanks anyway lads".

Theboinkmaster

I'd say individuals on 100k plus is only 5% or less and they wouldn't be bidding on this house but earning seems irrelevant now and in the current market it's cash buyers or people with significant cash buying these. So earnings is irrelevant someone on 30k with 400k cash is always going to outbid someone on 100k with only 100k cash.

ben101

My heart goes out to young couples trying to buy a house in Dublin and instead of trying to boost supply the government are trying to come up with ways to get banks to give 95% or more loans ,all that does is fuel the property bubble flooding the market with ,people approved with mortgages they can't afford.Are with that foolish that we look destined to repeat the same mistakes again.Surely there is another way ,maybe all these properties the banks ended up with after the crash could be released to first time buyers at a reasonable price that would give them a relatively low mortgage,might help settle things a little,maybe someone else has a better idea but to me it looks like we are going to have another generation that don't have a pot to piss in at the end of the week because of the overpriced house they are living in ,the cynic in me would almost think the government are rubbing their hands together at the thought of all the revenue they will get from property tax.

Rother

Does nobody remember what happens each and every time the government stick their nose into the property market in Ireland?

They should just stay out of it and let the market find its level.

The government interfering has never been good.

I remember the exact same speeches about supply about 15 years ago. And look what they did.

gaius c

ben101 wrote: »

My heart goes out to young couples trying to buy a house in Dublin and instead of trying to boost supply the government are trying to come up with ways to get banks to give 95% or more loans ,all that does is fuel the property bubble flooding the market with ,people approved with mortgages they can't afford.Are with that foolish that we look destined to repeat the same mistakes again.Surely there is another way ,maybe all these properties the banks ended up with after the crash could be released to first time buyers at a reasonable price that would give them a relatively low mortgage,might help settle things a little,maybe someone else has a better idea but to me it looks like we are going to have another generation that don't have a pot to piss in at the end of the week because of the overpriced house they are living in ,the cynic in me would almost think the government are rubbing their hands together at the thought of all the revenue they will get from property tax.

It's simpler than that. 1. The banks have to get through the stress tests later this year. Keeping property prices artificially high props up the value of the collateral against their loans and makes them look "healthier".

2. It also helps banks recover more on distressed loans as firesales are being prevented but of course, this has to be balanced against the cost of them going so softly softly with the loans in the first place but that's where point #1 helps them out.

It's a bail out of the banks by the back door and it's extracting cash from the people who didn't blow it in the bubble years.

coolemon

Rother wrote: »

Does nobody remember what happens each and every time the government stick their nose into the property market in Ireland?

They should just stay out of it and let the market find its level.

The government interfering has never been good.

I remember the exact same speeches about supply about 15 years ago. And look what they did.

It was the state that initiated the building of Drimnagh, Crumlin, Cabra and the mass slum clearances of the 1950's.

Here we are in the 21st century with a housing crisis and the priestly entrepreneurs and privateers seem to be asleep.

Its time for the state to intervene. leaving it up to the Tom McFeeley's and Sean Quinn's of this world is a recipe for disaster.

Heisenberg1

Zamboni wrote: »

And what of them??? Let the Dept deal with them.

The current situation = People that have money and good earnings are living in far inferior accommodation than people who have no money, are in negative equity and little or no earnings.
What about those people - the people who have been educated, worked, earned and accumulated wealth.
I'm sick of this argument where folks who have done nothing wrong are punished and suffer the consequences of no repossessions
"Oh where would we put all those poor evicted people - They can't live in Letirim"
Theboinkmaster should be sitting in that house for €200k - €250k.
This country is a sick and twisted kip that actively discourages personal responsibility, self sufficiency, independence and critical thinking.

Man with drivel like that I hope you never fall on hard times disgusting post.

Grandpa Hassan

Heisenberg1 wrote: »

Man with drivel like that I hope you never fall on hard times disgusting post.

You might find it disgusting, but it has an awful lot of 'thanks'.

Do you not see how people would be incredibly frustrated that there is precious little difference between the circumstances of those that have bust their ass paying their obligations and those that have not?

gaius c

Heisenberg1 wrote: »

Man with drivel like that I hope you never fall on hard times disgusting post.

They can rent like everybody else who can't afford to buy. I don't see you out condemning the heartlessness of FTB's being forever locked out of the buyers market and stuck renting years after they got sick of it.