PopGun Posted April 16, 2012 Share Posted April 16, 2012 (edited) All of the house price inflation boom welcomed and cheered on by the majority of home owners, with very few objections from existing owners as price rose and rose from 2000 onwards. Very few concerns amongst owners who loved their homes sometimes going up in value by more than they earnt per year; year after year. Sarah and Steve stuck two fingers up at stupid renters in their rush to buy or upsize. "House prices only go up". Their parents were proud, "Sarah and Steve are doing well. They've just got a £300,000 mortgage to upsize to our area." Those with logic who knew it such price rises were unsustainable and leading to a crash have been the ones punished, with so much thrown to support house prices. I'll blame bankers only after home owners have been forced to give back a lot of the £2 trillion of ponzi-created value in their properties, including from all the Sarahs and Steves. It's the home owners who've made out, far more than the bankers. The risk was shared, only the banks knew what they were getting into (not that feckless ignorance should be an excuse I agree). If Sarah and Steve take the £150k hit on their £300k house, then so will the banks if/when the great House Sale of the century begins: 1. Sarah and Steve feckless default and get repossed then declared bankrupt. 2. Wise HPC'er gets a £300k house with a 50% nominal discount in auction 3. Another bank debt goes bad If the likes of Sarah and Steve finally get what's coming to them, then so will the reckless lenders. Edited April 17, 2012 by PopGun Quote Link to comment Share on other sites More sharing options...
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