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Inside The 'house Price Crash' Community


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#1 RomanWall

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Posted 22 September 2011 - 09:56 AM

From the 'Blog' page...


http://www.mindfulmo...-community.html

The name 'House Price Crash' gives it away. The site was set up in 2003 by "a small group of individuals who were extremely interested in the house price crash subject" but claimed they couldn't find a site devoted to the subject.

Predicting a "boom bust event" the site provided like-minded individuals discussions in which they could have their say about - at the time - runaway house price growth in the UK. The forums went from strength to strength and apparently now have more than 50,000 hits a day.

In April 2006 the site was acquired by Fubra Limited, a Hampshire-based internet media company, which set about developing more content for the site.

However, the aim of the site remains the same: "to act as a counterbalance to the huge amounts of positive spin the housing market receives in the main media and provide anyone involved in the market with up to date data and commentary."

The site's stance is summed up in its Twitter bio (@housepricecrash): "House prices are coming down. Yay for first time buyers! Boo for homeowners."

Basically contributors appear to be frustrated would-be first-time buyers who resent renting and are hoping prices will "crash" so they can cash in. Presumably if any of these people eventually buy a property they abandon the site and look for one that talks up the property market.

So, what happens on the discussion boards of 'House Price Crash'? I lurked and found out what the purveyors of property doom were talking about.

Typical thread titles include "Why a mansion tax works", "I've been worried we were wrong but...", "Estate agents discuss overvaluing", "London property bubble about to burst" and "Sellers struggling".

There's obvious delight in any loss of homeowners' equity. Strbear kicked off yesterday's "I've been worried we were wrong but..." thread with: "Like many I've been on this site for years and, in that time, I have come to wonder if I have it wrong and actually property will continue to be sold for much more than I think it can possibly be worth. But I am coming across more properties that, whilst still overvalued in my opinion, are starting to become more realistic - to me it's probably a 40-50% drop that needs to make it so. But whilst looking today, I saw this which is in a nice development in a part of "gentrified" West Yorkshire and it's up with a 60% fall over the 2007 last sale price. That's a cash buy! There is light and it will come to pass, glad I held on and hope to reassure a few others on here, keep the faith fellow bears!"

Meanwhile in response to an article in The Daily Telegraph about the London property bubble being about to burst, The Masked Tulip wrote: "It is a great article - excellent news indeed. London falling will be a huge bearish sentiment for prices."

The posts and subsequent replies to them are written with little empathy for the sellers who are likely to be selling at a loss or struggling to keep a roof over their heads.

One thread entitled "The crash is here in my area" includes a post by andybee33 describing how sellers were accepting a lot less than the asking prices in his area. It concludes with: "So, IMPO, the crash is really here - it just isn't being reflecting in asking prices yet. Only a matter of time though. Once these new 'low' sales complete, EAs and Surveyors will use them as valuation basis.
Happy days."


People losing their homes because they can't afford to repay the mortgage? Families trapped in properties no longer big enough for them because they're in negative equity? Homeowners paying higher mortgage rates when it comes to remortgaging because their loan-to-value has increased?

These are some of the themes running through 'House Price Crash', a site united by it's members desire to get that first foot on the property ladder, a struggle most know well I'm sure. And as one person's loss is another's gain here, I can't help but feel that commiseration should follow misfortune, rather than celebration. After all, don't' we all just want to own our own home?


It's obviously immoral and wrong to want affordable housing. Have some sympathy for the boomers and BTL'ers, please.

I believe comments are allowed....

#2 RichB

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Posted 22 September 2011 - 09:59 AM

F*** them. They had no empathy for anyone sensible who stayed out, braying about how much more they were worth every 6 months, and now they want us to pay for their mistakes. ******** to them.

#3 interestrateripoff

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Posted 22 September 2011 - 10:02 AM

I like how they ignore the wider implications and that we are just focussed on house prices...
Proof that Brown had repeated IMF / OECD / BIS warnings over house prices and did nothing!!!
Looting: The Economic Underworld Of Bankruptcy For Profit
The exponential growth of debt and the unsustainability of debt
The logic of HPI @ 10% YoY means your 100k house would be worth 1.38bn in 100 years
Paying down my mortgage with money found on the street

It's time to sue the Bank of England / Federal Reserve for GROSS NEGLIGENCE
If DEBT is the problem REPAYMENT is the solution or you default

"Northern unemployment is an acceptable price to pay for curbing southern inflation" Eddie George former Governor of the Bank of England

New digest on the credit crisis and economy Part2 Part 3

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#4 richc

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Posted 22 September 2011 - 10:02 AM

This outfit is a PR front for the banks.

The Social Business Group is the publisher of Mindful Money; a Social News and Knowledge Network for the investment community, created in conjunction with HSBC, Henderson and Schroders.

#5 newbie

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Posted 22 September 2011 - 10:07 AM

People losing their homes because they can't afford to repay the mortgage? Families trapped in properties no longer big enough for them because they're in negative equity? Homeowners paying higher mortgage rates when it comes to remortgaging because their loan-to-value has increased?


Obviously the government must increase taxes and use them to set up special schemes to prevent the above from happening.
A special 'save our homes' tax that strategically targets renters would be the best solution.

#6 I want a house!

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Posted 22 September 2011 - 10:08 AM

They generalised too much there. For the author of that trash. I own a 3 bed house in London. I still believe house prices are over inflated and am not on the bread line, in fact I have more wealth than most of your readers so jog on.

#7 Chuffy Chuffnell

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Posted 22 September 2011 - 10:10 AM

I like how they ignore the wider implications and that we are just focussed on house prices...


Let's be frank - our economic/society discussions are way about their heads. WAAAAY above them.

#8 Neverland

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Posted 22 September 2011 - 10:12 AM

From the 'Blog' page...

http://www.mindfulmo...-community.html


Will they be turning their critical guns on the latest series of "location, location", "property ladder" or some other property porn tv show i wonder...

...err, no

#9 Lepista

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Posted 22 September 2011 - 10:16 AM

And as one person's loss is another's gain here, I can't help but feel that commiseration should follow misfortune, rather than celebration


Similarly, with rampant house price inflation, one persons gain is another persons loss. Where was this blokes sympathy for the renters at the time?

There's no yin without yan.
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Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible behaviour drift into behaviour akin to that of Cinderella at the ball. They know that overstaying the festivities...will eventually bring on pumpkins and mice. But they nevertheless hate to miss a single minute of what is a helluva party. Therefore, the giddy participants all plan to leave just seconds before midnight. There's a problem, though: They are dancing in a room in which the clocks have no hands."

My favorite post ever:
By Ruffles the Guinea Pig

#10 richc

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Posted 22 September 2011 - 10:19 AM

In case you're wondering, here's the guy who runs the site (on behalf of the banks who fund it).

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Yeah, I'm really gonna look to him for sound financial advice.

#11 rw42

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Posted 22 September 2011 - 10:19 AM

"The posts and subsequent replies to them are written with little empathy for the sellers who are likely to be selling at a loss or struggling to keep a roof over their heads."

******em. Their article has little empathy for a whole generation of buyers with little options other than renting or mortgaging their soul.

#12 General Melchett

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Posted 22 September 2011 - 10:22 AM

In counterbalance to his one-dimensional portrayal of us, I will stick my hand up as a middle aged homeowner (mortgage paid off) who would dearly love to move house.

You could say I'm just the sort of person people on here (like myself?) 'show no sympathy for.' OTOH, you could say that I'm someone who has actually thought about the economics, politics and social implications of the housing bubble and am cheering on it's end.

My understanding is that there are many on here who fall into this camp.

Edited by General Melchett, 22 September 2011 - 10:25 AM.

The creatures outside looked from pig to man, and from man to pig, and from pig to man again; but already it was impossible to say which was which.

#13 newbie

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Posted 22 September 2011 - 10:23 AM

Similarly, with rampant house price inflation, one persons gain is another persons loss. Where was this blokes sympathy for the renters at the time?

There's no yin without yan.


+1000

#14 Anne_Uumellmahaye

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Posted 22 September 2011 - 10:26 AM

From the 'Blog' page...


http://www.mindfulmo...-community.html



It's obviously immoral and wrong to want affordable housing. Have some sympathy for the boomers and BTL'ers, please.

I believe comments are allowed....



Brilliant! Keep em coming... (theres no such thing as bad publicity and all that)

now a few main stream articles about the site would be fantastic

#15 Chuffy Chuffnell

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Posted 22 September 2011 - 10:26 AM

http://www.mindfulmoney.co.uk/

Check out the homepage... on the right hand side... :lol:




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