Wednesday, Aug 22, 2007
Course it'll never happen here 'cos it never has (recently)
BBC: Surge in US home repossessions
The number of home repossessions in the US soared in July, figures suggest, underlining the woes facing the sector
Posted by holding out @ 09:36 AM (507 views) Add Comment
5 Comments
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1. Yorkshireman said...
There are woes facing the financial sector, but we need to consider the woes facing the people whose homes have been repossesed. There is a similar situation in the UK. High rents and a low security of tenure or high house prices and mortgage costs. We all need to live somewhere, so in making a choise of whether to rent or buy, it maybe a choice between being damned if you do and damned if you don't. Yes, people have been foolish and in some cases have been dishonest in taking out loans they had little chance of repaying, but what alternative was on offer ?
Doubtless, the financial markets will recover and move on but will leave a trail of broken lives behind them. The point being, that the markets do not care. We should and I am sure most of us do care about people. I do hope that property prices come down to realistic levels, so that my children and yours can afford somewhere decent to live. If that comes at a cost to the finacial sector and ultimately to ourselves, then so be it. The alternative does not bear thinking about.
2. Quiet Guy said...
I give the UK market a year or two before sellers finally give in and start dropping prices. That said, we also have to deal with economic fallout from an American recession. It could be a hard winter for a lot of people.
3. C'mon Correction said...
Yorkshire said - Yes, people have been foolish and in some cases have been dishonest in taking out loans they had little chance of repaying, but what alternative was on offer ?
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