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House Price Crash Forum


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About jrbxyz

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    HPC Poster
  1. What crap advert-journalism is this!? This is the kind of thing that flooded the papers in 2004-2006, but you'd think that bullish 'shared ownership' pitches would have been snuffed out by more cautious & discerning editors. Maybe I should email Anne Ashworth with some copy-ready press releases & adverts from my company to get a lovely 'story' written up!
  2. Excellent article on the marketing of second mortgages as 'equity access' (in UK, called even more euphemistically 'equity release') and the damage done: http://www.nytimes.com/2008/08/15/business...amp;oref=slogin
  3. Did anyone see GB on the Marr Show this morning? Most of it was predictable Q&A, but Marr did bring in a good HPC line of questioning at one point: he asked GB if the current economic downturn is really the aftermath of the end of a 10-year long house price boom based on unsustainable borrowing. He then asked why GB never tried to stop the boom based on this excessive borrowing, nor bother to warn anyone about it. GB answered by stating that there has been 'low inflation over last ten years', which has given us low interest rates, high levels of growth, etc.; and that New Labour took the
  4. moneybox Inside the Liar's Loan How the mortgage industry nurtured deceit. By Mark Gimein Posted Thursday, April 24, 2008, at 11:25 AM ET Here's the narrative we've heard about the mortgage meltdown: miscalculation and unfounded optimism, clueless investors, cash-strapped home buyers clobbered by rate resets. But there's one piece of the mortgage-meltdown tale that virtually every article or television program dances around without ever quite confronting. It's the simplest aspect of the crisis to understand and also the most troubling, because it's not about complicated financial dealing
  5. That's exactly what it is, reserving a significant percentage of properties for private housing societies while, by the exclusion of 'affordable housing' from the wider market, raising the price of the remaining flats that are built. If ever there was a way for property speculators and social housing forces to screw the middle classes, this is it -- - and this is the law in London....
  6. Did anyone catch Declan's story this morning on the 'benefits' that the £50 billion government buyback of mortgages will provide 'average homeowners'? He said it should provide cheaper rates for distressed home-owners coming off term mortgages. Where to begin? First, BoE interest cuts have as yet not actually provided lower mortgage rates so far. And the idea that this is to help 'home-owners'?!?! -- by definition, people still paying off mortgages are not yet homeowners, as has been raised here many times. Credit addicts seems a more appropriate term. And the couple they showcased?! They wer
  7. Indeed. The rational thing is simply not to buy here, and either move and buy elsewhere, or stay here and rent. Simple as that, which collectively will lead to decreased demand, and thus eventually lower prices. It's a shame that, again and again, the massive ebbs and flows of credit availability so overwhelm the price logic of buying or not buying to create these fundamental misallocations of resources. Much pain is to follow....
  8. Having done a few of these interviews myself, the above poster is right in nodding to politcians to see how to do this skillfully -- they are the experts at it. Say what you have to say no matter what the question is. You might be asked to say it over and over to get it right too. And yes, you'll probably only have time to make at most one reference to anything editorial beyond your own story, so use that time wisely, firmly, and consistently, whatever you choose to say/editorialize.
  9. CityAM yesterday had a list of odds for houseprice bets YoY for 2007/8, which offered 5:6 for a 10% or less decline, and 8:1 for an increase. As I would need around £70,000-£80,000 for a downpayment now to get on the London property ladder, maybe I should use my current savings to wager on these odds and let the miracle houseprice market work for me!!!
  10. Since the huge media shift over the past two weeks that now at least accepts the possibility of a housing crash, is there a need any longer for this website? For years it thrived as a sort of underground, contrarian place to air views that 'VI' would not give a hearing to in larger media forums. But the persuasive arguments that explained why current house prices were unrealistically high -- lax lending standards, lie-to-buy mortgages, insane income:debt ratios, rental yields significantly lower than savings account returns, etc etc -- that were earlier aired on this website are now to be read
  11. I think it was late last week and this weekend when the crash, or at least marked downturn, finally became official in the media. Note how Sunday's and today's papers & telly are all tuned in to the story, from Jenkins' Times editorial yesterday to the horrible 'it seems there's a downturn but there can't be a crash' ITV morning chatter this morning. The media mood, at least, has fully turned.
  12. I was beginning to wonder if I was the only person who read this story, which is really based on a relatively small increase in food stamp claims (from 26.5 million to 28 million) caused in part to increased advertising of the programme itself. That's really all there is in news-terms to the story, & of course it is Independent-friendly because it targets the US as the cause of world problems (somewhat rightly so here). But the flashy headline does what it's meant to do, get readers, and its interesting to see that papers all across the spectrum -- Sun, Daily News, Telegraph to Independent
  13. A good opinion piece on why HPC is good for the US http://www.washingtonpost.com/wp-dyn/conte...id=opinionsbox1
  14. Thanks for the link -- I've gone ahead and done it. It will likely make little impact, but if they were to receive hundreds of such comments regularly, then maybe it might. Thanks again!
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