2021 Irish Property Market chat - *mod warnings post 1*

hometruths

ongarite wrote: »

The level on capital reserves that banks have to hold in Ireland is 3 times that of EU countries.
That’s because of the risk of default/non payment of loans here and the insane difficulty with eviction.
See pause on eviction again until July after press, political uproar on Monday.

The people by voting for TDs & parties who all are fine with this, have to shoulder some of the blame for 2 banks pulling out in the last year.

The problem is that there are no TDs or parties to vote for who are saying I think we need to start repossessing houses if people don't pay their mortgages.

This is because public opinion seems to be we don't want banks to repossess houses - the people shouting loudest are anti bank campaigners, we bailed them out, reckless lending, da family home, think of the children etc.

But I genuinely believe that the vast majority of people who get up early in the morning have no idea of the extent of the problem and how it is effecting all of us in higher mortgage rates, increased taxes, higher house prices, housing supply shortage etc. If they understood this public opinion would change pretty quickly.

We need somebody like an anti David Hall to get on the airwaves and campaign for repossessions. But nobody wants to do it because it so emotive.

Wanderer78

schmittel wrote:

But I genuinely believe that the vast majority of people who get up early in the morning have no idea of the extent of the problem and how it is effecting all of us in higher mortgage rates, increased taxes, higher house prices, housing supply shortage etc. If they understood this public opinion would change pretty quickly.

Higher prices are more to do with allowing the fire sectors(finance, insurance and real estate), to dictate the narrative

PropQueries

Ok, so the Government own a majority stake in both AIB and PTSB and a significant minority share of BOI.

With the planned LDA they will have significant control over many of our potential development landbanks in our towns and cities. Through HAP and long-term lease agreements they also have a significant say on rent levels in Ireland. Through purchases of homes (new and second-hand) , they have a significant impact on the market selling prices.

The Government now has significant control or at least a real say over the future direction of house prices and rents in Ireland IMO

The public can finally lay the blame on the Government for any future housing problems and the Government really can’t use the phrase “market forces” anymore as they appear, to me anyway, to be or will shortly be, the market on both sides of the equation IMO

ongarite

Turning into a bygone USSR state with all banks, post office & housing controlled by the state.

Get me out of this future hell hole!!

Villa05

enricoh wrote:

If I was a bank handing out mortgage loans and looking at sinn fein coming over the hill I'd be legging it in good time too!!

The current system is a product of ff/Fg and the banks were in on the non repossession also as they knew mass repossessions would kill them off. Keep the people in the home looking after the asset until the market picked up appeared to be the policy.

Of course actions have consequences

PropQueries

ongarite wrote: »

Turning into a bygone USSR state with all banks, post office & housing controlled by the state.

Get me out of this future hell hole!!

More like China IMO

The state is or soon will be on one side and the international funds on the other side. The “market forces” in the middle are now or soon will be meaningless in relation to housing costs (buying or renting) going forward IMO

Cyrus

schmittel wrote: »

The problem is that there are no TDs or parties to vote for who are saying I think we need to start repossessing houses if people don't pay their mortgages.

This is because public opinion seems to be we don't want banks to repossess houses - the people shouting loudest are anti bank campaigners, we bailed them out, reckless lending, da family home, think of the children etc.

But I genuinely believe that the vast majority of people who get up early in the morning have no idea of the extent of the problem and how it is effecting all of us in higher mortgage rates, increased taxes, higher house prices, housing supply shortage etc. If they understood this public opinion would change pretty quickly.

We need somebody like an anti David Hall to get on the airwaves and campaign for repossessions. But nobody wants to do it because it so emotive.

youd be a pariah if you went on that platform unfortunately

hometruths

Cyrus wrote: »

youd be a pariah if you went on that platform unfortunately

Exactly. And the reason being is that in this country we have tendency to discuss everything on a micro level:

"Poor Paddy and Mary. Paddy lost his job in the last recession and Mary's struggling to hold down two part time jobs to keep food on the table for the kids, do you want to make them homeless? Yes or no?"

The focus is on the consequences for Paddy and Mary.

We need to discuss it on a macro level:

"Should we enforce contract law in Ireland? If somebody does not make payments on their mortgage should the property be repossessed. Yes or no?"

The focus should be on the consequences for society and the economy as a whole.

Sweet.Science

Shutting house building down for most of the year was bordering on criminal

We were already in a huge crisis now things are so much worse

RichardAnd

Sweet.Science wrote: »

Shutting house building down for most of the year was bordering on criminal

We were already in a huge crisis now things are so much worse

This, along with many other things beside, is precisely why I think there needs to be a serious inquiry into the state's behaviour and handling of Covid. Of course, we didn't get one for the financial crisis of the last decade, so I'm not confident this time either. At best, there will be a general election, and Paddy will vote to "punish" FF/FG by electing SF. However this would solve nothing as the legions of civil servant advisors and think-tanks would go nowhere.

The financial crisis gave gave me a healthy suspicion for big government. Call me cynical, but I view the state as a dangerous and very expensive obstacle.

JimmyVik

Sweet.Science wrote: »

Shutting house building down for most of the year was bordering on criminal

We were already in a huge crisis now things are so much worse

Its going to take years to get out of it.
Then we will overshoot it causing another crash.

Cyrus

schmittel wrote: »

Exactly. And the reason being is that in this country we have tendency to discuss everything on a micro level:

"Poor Paddy and Mary. Paddy lost his job in the last recession and Mary's struggling to hold down two part time jobs to keep food on the table for the kids, do you want to make them homeless? Yes or no?"

The focus is on the consequences for Paddy and Mary.

We need to discuss it on a macro level:

"Should we enforce contract law in Ireland? If somebody does not make payments on their mortgage should the property be repossessed. Yes or no?"

The focus should be on the consequences for society and the economy as a whole.

I agree with that in its entirety.

Hubertj

Villa05 wrote: »

The current system is a product of ff/Fg and the banks were in on the non repossession also as they knew mass repossessions would kill them off. Keep the people in the home looking after the asset until the market picked up appeared to be the policy.

Of course actions have consequences

Current system is down to populism, not simply gubberment. Mixture of weak politicians, populism, rise of the left, lack of personal responsibility

Mad_maxx

Timmyr wrote: »

I dont know where you get your ideas, but NZ is not right wing

its not socially conservative , i accept that

relative to ireland however , its very right wing economically and culturally , they dont do bleeding heart in New Zealand , extremely hard headed folk

Mad_maxx

Wanderer78 wrote: »

How come, what have sf got to do with it?

Our dysfunctional housing market is feeding our dysfunctional banking sector, and vice versa

because SF are vehemently opposed to mortgage defaulters loosing their homes.

Mad_maxx

schmittel wrote: »

The problem is that there are no TDs or parties to vote for who are saying I think we need to start repossessing houses if people don't pay their mortgages.

This is because public opinion seems to be we don't want banks to repossess houses - the people shouting loudest are anti bank campaigners, we bailed them out, reckless lending, da family home, think of the children etc.

But I genuinely believe that the vast majority of people who get up early in the morning have no idea of the extent of the problem and how it is effecting all of us in higher mortgage rates, increased taxes, higher house prices, housing supply shortage etc. If they understood this public opinion would change pretty quickly.

We need somebody like an anti David Hall to get on the airwaves and campaign for repossessions. But nobody wants to do it because it so emotive.

in many ways we are a nation made up entirely of children , nations made up of adults understand that if you stop paying your mortgage , you loose your home

as for " an anti David Hall "

there is one , his name is Brendan Burgess , unfortunately he is an incredibly unlikeable , contrary and borderline obnoxious individual , dont get me wrong , he is 100% correct on mortgage defaulters and David Hall is a pure charlatan of the highest order but you need someone with an ounce of likability and Burgess doesnt even have that

RichardAnd

Mad_maxx wrote: »

because SF are vehemently opposed to mortgage defaulters loosing their homes.

Do houses ever really get repossessed here? I have family members who have been spotty with mortgage payments for over a decade and have not lost their houses.

timmyntc

RichardAnd wrote: »

Do houses ever really get repossessed here? I have family members who have been spotty with mortgage payments for over a decade and have not lost their houses.

Only if you voluntarily give it up when asked

awec

RichardAnd wrote: »

Do houses ever really get repossessed here? I have family members who have been spotty with mortgage payments for over a decade and have not lost their houses.

Hundreds get repossessed each year.

I expect the 2020 number would be very low though.

Wanderer78

Mad_maxx wrote: »

because SF are vehemently opposed to mortgage defaulters loosing their homes.

maybe if we created a somewhat functioning property market, such issues wouldnt arise

timmyntc

Wanderer78 wrote: »

maybe if we created a somewhat functioning property market, such issues wouldnt arise

Banks repossessing property IS a sign of a functional good property market.
The inability to repossess is the major disfunction.

mcsean2163

RichardAnd wrote: »

This, along with many other things beside, is precisely why I think there needs to be a serious inquiry into the state's behaviour and handling of Covid. Of course, we didn't get one for the financial crisis of the last decade, so I'm not confident this time either. At best, there will be a general election, and Paddy will vote to "punish" FF/FG by electing SF. However this would solve nothing as the legions of civil servant advisors and think-tanks would go nowhere.

The financial crisis gave gave me a healthy suspicion for big government. Call me cynical, but I view the state as a dangerous and very expensive obstacle.

In 2017 arrears of over two years were 5% in main banks.

https://www.irishtimes.com/business/financial-services/arizona-firm-to-buy-irish-subprime-loans-at-75-discount-1.4536367?mode=amp

Given how much has gone to vulture funds it'd probably be harder to calculate now. Astonishing really and worry.

An obvious solution would be the state buy the loans, repossess the houses but leave the families in them. Imagine if the state bought those loans @25%. Good grief, they really are incompetent.

Wanderer78

timmyntc wrote: »

Banks repossessing property IS a sign of a functional good property market.
The inability to repossess is the major disfunction.

again, our dysfunctional housing market is feeding into our dysfunctional banking sector, and vise versa, both need to be resolved in order to create both functional markets

Mad_maxx

Wanderer78 wrote: »

maybe if we created a somewhat functioning property market, such issues wouldnt arise

a functioning property market requires repossessions

timmyntc

mcsean2163 wrote: »

An obvious solution would be the state buy the loans, repossess the houses but leave the families in them. Imagine if the state bought those loans @25%. Good grief, they really are incompetent.

What would the state then do with its newly acquired property?

It would still run into the same eviction issues if they tried vacate the property.
If they leave them in situ then the state has basically just paid your mortgage.

The only solution is to allow easy evictions of non-paying mortgage holders. Like they do all over the world.

timmyntc

Wanderer78 wrote: »

again, our dysfunctional housing market is feeding into our dysfunctional banking sector, and vise versa, both need to be resolved in order to create both functional markets

Repossessions are both normal and necessary in a functional housing market.
You cant have a functional market without repossessions.

PropQueries

Mad_maxx wrote: »

its not socially conservative , i accept that

relative to ireland however , its very right wing economically and culturally , they dont do bleeding heart in New Zealand , extremely hard headed folk

It may have something to do with so many groups who get bailed-out through the back door. If I can’t afford to pay my mortgage I can easily throw at the government that don’t they borrow to help farmers, keep pre-2011 public sector salary and pensions at boom time levels, didn’t you borrow to bail out the banks etc. etc. etc.

While it’s not the thing to say, the only group who actually pay up front for their “bailout” are many of the unemployed through their PRSI etc.

Wanderer78

Mad_maxx wrote: »

a functioning property market requires repossessions

...and we need a functioning property market in order to do that, this is a merry-go-round

Wanderer78

timmyntc wrote: »

Repossessions are both normal and necessary in a functional housing market.
You cant have a functional market without repossessions.

Wanderer78 wrote: »

...and we need a functioning property market in order to do that, this is a merry-go-round

.....................

hometruths

awec wrote: »

Hundreds get repossessed each year.

I expect the 2020 number would be very low though.

Hundreds is tiny, meaningless in the context of the number in default.

awec

schmittel wrote: »

Hundreds is tiny, meaningless in the context of the number in default.

Yes, but I was just saying that it does happen.

It's a difficult conundrum, because anyone repossessed is likely going to be relying on the state to house them. And we all know what that means.

hometruths

Mad_maxx wrote: »

in many ways we are a nation made up entirely of children , nations made up of adults understand that if you stop paying your mortgage , you loose your home

as for " an anti David Hall "

there is one , his name is Brendan Burgess , unfortunately he is an incredibly unlikeable , contrary and borderline obnoxious individual , dont get me wrong , he is 100% correct on mortgage defaulters and David Hall is a pure charlatan of the highest order but you need someone with an ounce of likability and Burgess doesnt even have that

I remember Burgess made an attempt a few years ago to highlight the issue, and he just ended up in a shouting match with Hall. I agree Burgess is not exactly easy to warm to, but he's nothing like as obnoxious as Hall.

timmyntc

Wanderer78 wrote: »

.....................

If repossessions were easy then we would not have a dysfunctional property market.
As I've said before, the major dysfunction is the inability to repossess.

There is nothing else stopping repossessions from being allowed - its purely a govt decision to legislate for it.

I have no idea what you mean by we need a functioning property market to allow repossessions - the lack of repossessions IS the dysfunction!

DataDude

schmittel wrote: »

Hundreds is tiny, meaningless in the context of the number in default.

This one summed it up for me:

https://eddempsey.ie/Residential-Property/Woodley-52-Foster-s-Avenue-Mount-Merrion-Co-Dublin/113

Fine family home in a prime location. Falling to pieces with the last mortgage repayment made in October 2014, coming to market in 2021 (assume a lengthy battle was required). The strangest thing in Ireland is, you could easily have someone like Richard Boyd Barrett outside this house campaigning on behalf of the "poor home owners". Ireland is an odd country when it comes to housing.

https://www.thejournal.ie/fosters-avenue-repossession-3013593-Oct2016/

Mad_maxx

PropQueries wrote: »

It may have something to do with so many groups who get bailed-out through the back door. If I can’t afford to pay my mortgage I can easily throw at the government that don’t they borrow to help farmers, keep pre-2011 public sector salary and pensions at boom time levels, didn’t you borrow to bail out the banks etc. etc. etc.

While it’s not the thing to say, the only group who actually pay up front for their “bailout” are many of the unemployed through their PRSI etc.

did you mean to quote someone else perhaps ?

awec

DataDude wrote: »

This one summed it up for me:

https://eddempsey.ie/Residential-Property/Woodley-52-Foster-s-Avenue-Mount-Merrion-Co-Dublin/113

Fine family home in a prime location. Falling to pieces with the last mortgage repayment made in October 2014, coming to market in 2021 (assume a lengthy battle was required). The strangest thing in Ireland is, you could easily have someone like Richard Boyd Barrett outside this house campaigning on behalf of the "poor home owners". Ireland is an odd country when it comes to housing.

https://www.thejournal.ie/fosters-avenue-repossession-3013593-Oct2016/

Yea those ones are a joke.

I saw that house outside and thought it looked nice but the inside is brutal. Those window frames. The kitchen looks awful cheap.

DataDude

Wanderer78 wrote: »

...and we need a functioning property market in order to do that, this is a merry-go-round

I've never really understood the sentiment that repossessing someone's house is so horrendous. What are you condemning them to? Renting? Like what many/most young families are forced to do these days?

Just seems strange to so aggressively defend the "right to the family home"...once you have a family home...if you don't...then good luck to you...

People completely ignore that by affording additional protections/rights to those with something, you automatically disadvantage the people without that thing..

hometruths

awec wrote: »

Yes, but I was just saying that it does happen.

It's a difficult conundrum, because anyone repossessed is likely going to be relying on the state to house them. And we all know what that means.

I actually think this is a myth - that everybody who faces repossession will require state housing. The can but wont pay cohort are significant.

And even if it is was true. Repossessions need to happen anyway to kick start the musical chairs I have been banging on about.

eg there are those in serious arrears in 4 bed houses but would only qualify for a two bed house from the state. Repossess the four bed and if they need assistance for a two bed, then that will be provided for them.

There is no shortage of support available in this country to those who need it. We should not be giving people a pass on their mortgage as well.

Wanderer78

timmyntc wrote: »

If repossessions were easy then we would not have a dysfunctional property market.
As I've said before, the major dysfunction is the inability to repossess.

There is nothing else stopping repossessions from being allowed - its purely a govt decision to legislate for it.

I have no idea what you mean by we need a functioning property market to allow repossessions - the lack of repossessions IS the dysfunction!

DataDude wrote: »

I've never really understood the sentiment that repossessing someone's house is so horrendous. What are you condemning them to? Renting? Like what many/most young families are forced to do these days?

Just seems strange to so aggressively defend the "right to the family home"...once you have a family home...if you don't...then good luck to you...

People completely ignore that by affording additional protections/rights to those with something, you automatically disadvantage the people without that thing..

again, we re stuck in a highly dysfunctional cycle in both markets, neither can be resolved as is, something dramatic needs to change in order to break this cycle. allowing major sectors, in particular the fire sectors(finance, insurance and real estate) to resolve these issues, primarily since 08, has failed, we need to accept this before moving forward, but we re not ready for that just yet

awec

schmittel wrote: »

I actually think this is a myth - that everybody who faces repossession will require state housing. The can but wont pay cohort are significant.

And even if it is was true. Repossessions need to happen anyway to kick start the musical chairs I have been banging on about.

eg there are those in serious arrears in 4 bed houses but would only qualify for a two bed house from the state. Repossess the four bed and if they need assistance for a two bed, then that will be provided for them.

There is no shortage of support available in this country to those who need it. We should not be giving people a pass on their mortgage as well.

Yea that's a fair point.

I'd definitely differentiate between the absolute chancers who haven't paid a cent in years, and those who have fallen behind but are trying their best and do have a reasonable chance of catching up again. I would not want to see anyone in the later group repossessed, it would be counter productive.

PropQueries

Mad_maxx wrote: »

did you mean to quote someone else perhaps ?

Just giving what I believe are reasons why we can’t appear to be as hard-headed as New Zealand etc.

Too many relatively wealthy groups in Ireland are reliant on the states largesse and any group (e.g. mortgage defaulters) can throw that back at them if they believe they’re being treated too harshly or differently to other connected sections of society.

Either everyone is at the mercy of the market or no one should be IMO

Otherwise it just leads to real anger IMO

Mad_maxx

schmittel wrote: »

I remember Burgess made an attempt a few years ago to highlight the issue, and he just ended up in a shouting match with Hall. I agree Burgess is not exactly easy to warm to, but he's nothing like as obnoxious as Hall.

Hall is a pure charlatan , his company have negotiated deals effectively where banks sold houses to the company , the defaulters remained in situ but the state guarenteed the rent to Halls company , Hall also gets to portray himself as a defender of a family facing eviction



https://www.askaboutmoney.com/threads/david-hall-claiming-credit-for-stopping-an-eviction.211134/

timmyntc

Wanderer78 wrote: »

again, we re stuck in a highly dysfunctional cycle in both markets, neither can be resolved as is, something dramatic needs to change in order to break this cycle. allowing major sectors, in particular the fire sectors(finance, insurance and real estate) to resolve these issues, primarily since 08, has failed, we need to accept this before moving forward, but we re not ready for that just yet

This is a load of waffle.
You've said nothing of value there.

The govt can fix the repossession issue - it is solely up to them to reform the process to allow evictions & repossessions. It can be resolved, the political will isnt there however.

As for house prices, that is a separate issue that has no bearing on repossession/mortgage rates issue.

DataDude

If you really want to make your blood boil, have a read of this with your lunch. He gets torn to pieces in the comments section, and is responding himself so nearly more entertaining than the article.

People pulled up his records + planning applications and he was collecting 100s of k from the medical card scheme. Built a mcmansion in the country. Fell into negative equity so emigrated to Australia. Didn't even have the decency to leave the key in the door, continued to rent the house out for years whilst not paying a dime on the mortgage. Bought a massive house in Australia all whilst keeping the house in Ireland rented. Then writes into the Irish Times saying his debt should be forgiven because we need him...

https://www.irishtimes.com/life-and-style/abroad/generation-emigration/many-emigrants-left-to-escape-debt-why-isn-t-this-talked-about-1.2503581

Looked like it worked anyway - seems he's back in business

https://www.independent.ie/regionals/enniscorthyguardian/news/local-doctor-questions-nphets-covid-19-plan-39670981.html

Wanderer78

timmyntc wrote: »

This is a load of waffle.
You've said nothing of value there.

The govt can fix the repossession issue - it is solely up to them to reform the process to allow evictions & repossessions. It can be resolved, the political will isnt there however.

As for house prices, that is a separate issue that has no bearing on repossession/mortgage rates issue.

...and if this was done, there would be rapid rise in homelessness, this is currently unresolvable, unless radical changes are implemented, i personally would go with a public banking system, but that to would be problematic

timmyntc

Wanderer78 wrote: »

...and if this was done, there would be rapid rise in homelessness, this is currently unresolvable, unless radical changes are implemented, i personally would go with a public banking system, but that to would be problematic

No there wouldnt! The total housing stock wont have changed, it will just have shuffled around a bit.
Those who refuse to pay can rent or seek state assistance, meanwhile those who are currently renting and looking to buy can buy the houses released to the market and will in turn free up rental spots.

Stop your scaremongering - the only crisis is the one we're in right now with banks pulling out. Fixing repossessions will take us out of crisis not into it.

hometruths

awec wrote: »

Yea that's a fair point.

I'd definitely differentiate between the absolute chancers who haven't paid a cent in years, and those who have fallen behind but are trying their best and do have a reasonable chance of catching up again. I would not want to see anyone in the later group repossessed, it would be counter productive.

I've posted on this before, but one of the things that drives me mad is tht it is so blindingly obvious how to fix the problem, and in a politically palatable way.

1) Announce a wholesale change in thinking to tackle mortgage arrears - banks will be encouraged to repossess, special repossessions court set up to accelerate process.
2) Announce that banks and courts will work through a list starting with the longest term arrears - eg in you are in arrears for over 10 years you can expect action imminently. If your arrears are closer to the bottom of that list - i.e less than 90 days, then it will take a bit of time to get to you.
3) Announce that the process is simple - contract law will be strictly enforced. Did you sign a contract that allows the bank to repossess the home if you don't make the payments? If so, and you are in arrears, the house will be repossessed with no exceptions.

This will have the immediate effect that everybody who is in arrears and wants to keep the property will want to get as far away from the top of that list as possible. The only way to do that is start paying off the arrears as much as they can afford, and will drastically reduce the overall problem.

Repossess the ones at the top of the list that are never going to be sorted and keep working though them. That will kick start the musical chairs and bring a much needed turnover back into the market.

It's politically palatable because no member of the public is going to complain that those who are by definition the worst in the country at paying their mortgages deserve to keep the properties.

I think some people might be surprised at the value and quality of the properties that this would flush out. The maths suggests the problem is dominated by the likes of the Mount Merrion house rather than your typical social housing.

Browney7

schmittel wrote: »

I actually think this is a myth - that everybody who faces repossession will require state housing. The can but wont pay cohort are significant.

And even if it is was true. Repossessions need to happen anyway to kick start the musical chairs I have been banging on about.

eg there are those in serious arrears in 4 bed houses but would only qualify for a two bed house from the state. Repossess the four bed and if they need assistance for a two bed, then that will be provided for them.

There is no shortage of support available in this country to those who need it. We should not be giving people a pass on their mortgage as well.

Agree. Only issue is the thousands of people who are on the housing list ahead of them who have an identified housing "need".

Does Mary and two kids who's being evicted from their D15 4 bed get bumped up the queue and get a 3 bed flat in a Fingal coco property or go into homeless accomodation or does the state start paying HAP for her?

The state likely see it as cheaper to keep kicking the can on repossession - they save a 15 grand a year liability on HAP (1275x12) plus the blessing hearts onto Joe. The lack of housing at the lower levels is a huge issue.

A huge issue of arrears in the "recovery" years was BTL mortgages if I remember from looking at the stats.

Wanderer78

timmyntc wrote: »

No there wouldnt! The total housing stock wont have changed, it will just have shuffled around a bit.
Those who refuse to pay can rent or seek state assistance, meanwhile those who are currently renting and looking to buy can buy the houses released to the market and will in turn free up rental spots.

Stop your scaremongering - the only crisis is the one we're in right now with banks pulling out. Fixing repossessions will take us out of crisis not into it.

this is not scaremongering, its clearly obvious, our approach to these matters, since 08, have largely failed, and we re clearly not ready to accept this yet

Cyrus

DataDude wrote: »

This one summed it up for me:

https://eddempsey.ie/Residential-Property/Woodley-52-Foster-s-Avenue-Mount-Merrion-Co-Dublin/113

Fine family home in a prime location. Falling to pieces with the last mortgage repayment made in October 2014, coming to market in 2021 (assume a lengthy battle was required). The strangest thing in Ireland is, you could easily have someone like Richard Boyd Barrett outside this house campaigning on behalf of the "poor home owners". Ireland is an odd country when it comes to housing.

https://www.thejournal.ie/fosters-avenue-repossession-3013593-Oct2016/

remember the gorse hill debacle, a bog standard house (literally one of the finest homes in SoCoDu)