Friday, Jan 25, 2013

Now THIS is house-market manipulation

Counterpunch: The all-powerful Fed

"Basing one’s views of a housing recovery on such thin gruel as “prices” and “inventory” (without taking into account the extreme meddling of the Fed and the banks) is as silly as insisting that Lance Armstrong deserves to keep his 7 Tour de France trophies for crossing the finish line first.

Posted by icarus @ 05:33 PM (1513 views) Add Comment

3 Comments

1. quiet guy said...

"The Fed’s policy is not creating more jobs or contributing to growth. It’s fueling another speculative ponzi-bubble that will lead to another meltdown ... Eventually, QE will end, interest rates will rise, investors will flee the market, and the meddling will stop."

Another bubble? Perhaps another possibility is that once these institutional investors get used to regular returns they'll feel pretty comfortable about being landlords.

I recall reading comments on the 'singing pig' site that UK landlords don't care what happens to property prices if they have a regular income stream to cover their costs and although I disliked the concept, it seemed sound to me for those landlords who bought early and hence have reasonably low mortgage costs.

Here's a quote from another of Icarus' posts:
"what we’re seeing is industrial-scale investment by Wall Street speculators who are getting lavish financing perks from the banks to buy distressed properties that, if they had been sold on the MLS or via bank auctions, would have driven prices down even further pushing bank balance sheets deeper into the red. In other words, the Obama administration, the banks, the Fed and the behemoth private equity firms are all in bed together to prevent firsttime homebuyers from getting a good deal on a foreclosure and to reward the people who blew up the financial system with another backdoor bailout."

Overall, the situation may actually be worse than the article suggests. If there was a bust in which "investors will flee the market" then the man in the street might get a chance at buying a reasonably priced property to live in but if those proprties were sold to investors at knock down prices in the first place then why sell them at all if they're giving a regular income?

Friday, January 25, 2013 07:19PM Report Comment
 

2. This comment has been removed as it was found to be in breach of our Blog Policies.

 

3. Jonathan Weal said...

This is market manipulation.
A 3 Bedroom Penthouse Flat is on the market fairly at £1,300,000 a Penthouse with marbled fireplaces refurbished with underfloor heating circa 1500sq ft IN THE TOP 1 PERCENT OF FLAT SIZES IN THE COUNTRY.THE GROUNDS ARE 100X400 sq ft.
The Penthouse has room for a loft conversion.The owner owns a share of the freehold at approx 19.5PCY OF THE TOTAL GROUNDS.
The road Blackheath Park Road is the most expensive in Blackheath.Average detached house prices are circa £1,700,000.As a unique flat in a Grade 2 listed building £1,300,000 is considered fair and reasonable by vendor and agent.
During the liquidity crisis and due to monies owed to vendor not being able to be collected and a cancellation of overdraft facility without notice The Penthouse was repossessed.
The mortgagee then outsourced to AMG Guildford who outsourced to Farnham Surrey valuer who valued it at £280,000 over £1,000,000 different.
Blackheath agent who currently have 3 Bedroom Penthouses on there books values at £1,000,000 plus sell the property for £357,000.
The mortgage is £600,000 causing a huge loss.Owner is then bankrupted made homeless and all his business assets which were substantially more than any cash flow debt and were offered to be pledged as security
were rejected as collateral by bank.LLoyds and Bet Morgan OF Cheltenham and Gloucester.
In court defendent who is a seriously fit marathon runner with 29 marathons to his credit is described by Trower and Hamlin LLoyds solicitor as an unfit man who spends to much of his time drinking down the pub.The problem with there perjury is that not only has he been coaching local athletic clubs in the 5k Assembly league races in London he is teetotal.
The Blackheath agent then having sold the Penthouse after AMG Guildford Surrey agent valued it at £280,000 for £357,000 now have flats on at there true price in keeping with land registery prices which value it correctly at £1,300,000.
Naturally it is Forgery under the 1981 act Perjury under the 1911 act and Fraud under the 2006 act.The Police are formally notified and confirm it is fraud in the valuation.The serious fraud office Mr Aldermann is formally notified and so is Mr Chris Grayling the Justice minister.
With judges being solicitors that own the estate agents Corruption under the 1906 has evidenced to support this pleading.Conflict of interest in Croydon AMG Guilfords home county court and that of the valuer from Farnham needs to be investigated.
The actions of the Blackheath Estate agent needs to be looked into.Is there a ring of valuations or is this a one off.
Either way it is market manipulation with the Ministry of Justice allowing the manip[ulation perhaphs for profir perhaphs for conflict of interest or perhaphs for incompetence.
Either way the system failed.The first principal of uniformity of money was ignored when the 3 Bedroom Penthouse appartment was sold at the same price as a 1 bedroom on a lower floor confirming the manipulation of prices.
AMG Guildford and there local Surrey court have allowed a gross manipulation of house prices which ultimately undermines there own accountants valuation of the uk housing stock and thereby the balance sheets of LLoyds becomes inaccurate .A domino set of circumstances that undermines themselves, over an above the destruction of my living my work and the principles enshrined in the human rights act.

Thursday, October 31, 2013 02:11PM Report Comment
 

Add comment

Username   Admin Password (optional)
Email Address
Comments
  • If you do not have an admin password leave the password field blank.
  • If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Main Blog | Archive | Add Article | Blog Policies