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Interesting article in Irish Times - ‘fizz’ may be going out of Dublin market

BookBook · 2014-05-29 10:53:21

Link to article here ***Auction withdrawals suggest ‘fizz’ may be going out of Dublin market as high prices deter buyers *** Since March the auction rooms in Dublin have seen more action than in the previous five years combined. It’s an encouraging return to this most transparent of selling methods. However, some recent…

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#152 13-06-2014 9:23am
gaius c

Registered Users Posts: 3,528 ✭✭✭

Join Date: July 2007

Posts: 3415

Piriz wrote: »

just want to include this here before i head to work:

http://www.publicpolicy.ie/tracker-mortgages-how-much-equity/?utm_medium=email&utm_campaign=Tracker+Mortgages&utm_content=Tracker+Mortgages+CID_1acf5c9d9996836e1e849648678f6638&utm_source=Email%20Marketing%20Send&utm_term=Read%20more

It's almost certain that there's a large proportion of strategic default out there but I would divide it into two types:
A. Knowingly and willingly defrauding the bank, stashing the cash away elsewhere, like this character (incidentally, his answers raise even more questions. €750 per month for a city centre two-bed. O RLY? Also note his address. Selling that property would probably clear his debts but no, folk need to be kept in trophy houses while taxpayers living in Adamstown pay their debts for them).
B. Deciding that they have to "have a life" and missing payments in order to afford the necessities of life such as private school fees and foreign holidays.

I only know one of type A but I know 5 of type B.
Remember this the next time somebody gives you the "but Iceland wrote down all mortgages" sob story. You're paying for it!

What has struck me is that a large proportion of arrears case before the courts have come with some sort of sob story attached that a little bit of digging vapourises very quickly.
Get them all before the courts and have it out in the public eye. Deals done behind closed doors in secret benefit nobody except the person getting the write down.

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