Tuesday, Mar 10, 2009
A realistic Times article
The Times: How homeowners can survive negative equity
Obviously not written by Anne Ashworth. The 26 year old from Bristol has already lost £60,000 compared to what he could have sold it for in 2007. (How many 25 year olds in Bristol earn £52,000 a year?) He hopes that prices will recover in two or three years. Since after the 1989 peak prices fell for 3.5 years then were flat for another three years, he could be waiting for a long time.
Posted by monty032 @ 09:58 AM (306 views) Add Comment
1 Comment
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1. stillthinking said...
By virtue of modifying interest rates while we still have 3% inflation, the government have managed to assist some debtors to the tune of £800 a month, by the example of a repayment falling from £1200 to £400. The equivalent being lost by savers. Although there are many situations out there, you can see why consumption has dropped so dramatically. The saver is unable to spend, and the debtor prefers to pay down debt. What a scam. Poor old savers.
The lock-in deal is interesting.
"C&G has a 6.59 per cent five-year fix with a £995 fee. "
How can this possibly represent good value if we are entering a lengthy deflationary period?