Kyoto
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Posts posted by Kyoto
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An element of truth in it. If you don't pay your unsecured debts and don't own any assets, what are they going to do to you?
Put you in prison?
Break your legs?
Or just send you whiny letters and phone calls which you can ignore or avoid quite easily?
I'm amazed that people struggle under the weight of thousands of pounds worth of debt. Just bin it off, it serves them right.
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It's hard to know what is happening to house prices by simple judgement.
You are of course only going to monitor 1 or 2 areas, and then a very small subset of properties and price range within those areas.
And even then, you don't know which ones are completing and what prices they are completing at.
So whilst it hard to get an accurate figure about what is happening to house prices in your area, at the same time, it's also only that micro, micro market which is relevant to you.
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Why do they just not get it!
We had an enormous credit bubble where the banks would lend lots of money with little risk checks.
That is stopping and we are now returning to normal.
Even if I was a VI I would realise that I had had a good run and that I had to move my prices accordingly.
Availability and amount of loans dictate prices, not the other way around!
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Kids as benefit claimants and the wife as the public sector. I like it!
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True - But...at the end of the day, our needs are simple - roof, food, health.
We should be able to buy that, with far less effort and work than needed/demanded today.
Exactly, government should concentrate on keeping prices down or even socialising stuff such as roof, food, health and transport.
For all of their meddling, the labour market would probably be better if the government just left it alone.
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why are the media and posters so obsessed with forecasts from institutions that couldn't forecast tomorrow's weather if they had the met office on the phone?
+1. After monitoring these things for years, the predictions just aren't worth the paper they are written on. It's just easy fodder for newspapers to write about.
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There's a bit of a victim mentality to this thread.
Nobody really owes you a job, high (or even liveable) pay, holidays and good working conditions.
If you don't like the deal or can get a better package elsewhere, walk on!
There are few markets fairer and more competitive than the labour Market.
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Birmingham seems to be one of the most affected city centre markets.
£70k might be pushing at this stage, but they do exist.
Almost 100 available under £100k...
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Nice to see that house prices will fall without the need for loads of people to lose their jobs. Hopefully people will be using the low interest rates to pay down their mortgage debt too.
As long as the lines of credit stays cut off then i think we can see drops of 1% every month for the next 2-3 years. This soft landing they are trying to engineer might just work.
I agree with this. Still very few forced sellers and the level of credit will definetly drive the market.
However, there's still a bit of a gulf between what the banks will lend and what the sellers expect - around 1x or 2x average salary. This gap has to shrink quite quickly if the mortgage market is to get moving again.
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tiny numbers
Not really, like I say, that's over £1500 off the average price or some £3k extra in your pocket over the lifetime of a mortgage in just one month.
That's a lot more rent than I pay.
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"Prices in the final three months of 2010 were 0.9% lower than in the previous quarter. This rate of decline is significantly less than the quarterly falls of 5-6% during the second half of 2008. House prices fell by 1.3% between November and December.
"Looking forward, we expect limited movement in house prices during 2011 but with the risks on the downside. Interest rates are likely to remain very low for some time. This will continue to support a favourable affordability position for those entering the market and limit financial pressure on existing homeowners to sell. Current signs that homeowners are becoming more reluctant to sell would, if continued, help reverse the imbalance between buyers and sellers. Nonetheless, uncertainty about the economy, weak earnings growth and higher taxes could put some downward pressure on demand."
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Extra three or found grand in your pocket after interest for future buyers there.
Keep up the faith, HPC is coming!
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Out shortly, but can't see a thread on this.
http://www.lloydsbankinggroup.com/media1/research/halifax_hpi.asp
-1.3% Get in there son!
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Out shortly, but can't see a thread on this.
Predicted -0.3%.
http://www.lloydsbankinggroup.com/media1/research/halifax_hpi.asp
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New build flats get a bad rep, but I've lived in lots and can't remember the last time I heard a neighbour in any direction. +1 for new build!
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We all accept sometimes divorce, mental illness or plain illness can catch out even the most prudent, but you (appear) to be attempting to give mitigating circumstances to people which in the OP's example, don't appear to have any of these as one would have hoped, it would have not been posted otherwise.
Edit: Clarity.
Even if there is not a bad luck factor, I can still understand how this cycle traps people.
The temptation is dangled in front of peoples faces and ending up in a mess can happen quite under the radar. You almost don't realise you are there until it's too late.
The perhaps more interesting discussion is where you expect people to get their financial literacy from. Some will learn it from their parents, but some learn it the hard way.
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I have a bit of sympathy for people who get into this position.
Earnings are so low vs living expenses that people often turn to credit just to get by.
And beyond necessity, the temptation is always there to dip into the credit cards, store cards, and overdraft for the nice bits in life. It's not right, and I'm sure many debtors would agree it's not, but we're all human after all and prone to give in to temptation once in a while.
A bit of this here and there over time, and the credit cards in particular can then become a trap as the balance creeps up over the years and the minimum payments then end up barely covering the interest. You're kind of stuck as a debtor now unless you manage to increase your income.
It's easy to go through a phase of juggling things at this stage, by which point the bank will usually offer a bit more credit as you're becoming a good citizen consistently feeding the finance industry beast. Before you know it, your budget ends up on a knife edge.
It then only takes one stroke of bad luck - the washing machine breaks or a relationship breaks down and you have a shortfall. The banks then pile on the trouble with charges and punitive interest rates. Your credit becomes trashed so you end up with less room for manoeuvre. The calls and nasty letters start, so you end up looking at IVAs and Bankruptcy as a way out. Just to rub salt into the wounds, you also end up getting slated on HousePriceCrash.co.uk.
I actually found myself in this same situation shortly in my early 20s. It wasn't a lot in the grand scheme of things, but I saw how a small regular overspend can turn into a bigger problem under the radar.
I didn't learn about financial literacy from my parents, and so almost had to learn the lesson by getting burnt.
I haven't looked at credit once since then and now maintain about ten years of living expenses in the bank having learnt a valuable lesson. Maybe there is an interesting question here about financial literacy in schools and via parenting.
To the OP and responders, I would say don't be so judgemental of people until you have walked into their shoes. Theirs a lot of stupidity about, but it's also not inconceivable that you would find yourself in the same situation given one or two strokes of bad luck.
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Actually, M&S sausages are excellent. Over 80% meat abd gluten free meaning no bread/wheat. Co-Op has started the same now with some sausages.
A butcher in my part of the world, on the other hand, has gradually been reducing the meat content in his award-winning sausages and raising the bread level.
TMT in 'I read the labels' mode.
Are you generally better to buy meat from a butcher rather than a good supermarket such as M&S or Tesco Finest?
You don't get labels on sausages, chicken, pork etc from the butcher so hard to compare.
We have started buying from a butcher and it definetly tastes better, but is cheap to the extent that it concerns me....
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When could any market town support that number of record shops? I can remember back to the early 70s and small none high street shops were still going bust back in the boom days of record sales (mostly 7" mind). Just curious.
Sounds surprising, but I lived in a very small town which had 5 for the first 20 years of my life. Now down to 1.
They all turned into mobile phone shops.
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Easy to say now, but after going into HMV on Saturday I thought to myself that I should short these into bankruptcy. Should have acted on that
Massive stores in prime locations, all of the staff, and CD and DVD sales must be on their knees.
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People ain't so dumb as we thought then !
I reckon we are going to see 12 - 15% within 3 years. Property will get transfered to the banks.
That would be lush. I could retire.
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There are always new and/or improved (bigger, shinier, this season's colour) gadgets just around the corner.
You seem to be asserting your gadget desires are sated because you have gadgets, implying there's an underlying longing; perhaps one that can be tempted by novelty (with suitable marketing to go along with it, natch).
The trick is to get over the desire for gadgetry itself. If you're there already, great! If you're not, it will be interesting to see how your plan works out!
Good point, well made. I do actually like gadgets so may have my head turned.
Guess I'm like a lot of people nowadays though in that I have the main bits such as nice laptop, tv, phone etc, and not really lusting after anything in 2011.
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I am going on a one man buyers strike.
I don't drive, drink, or smoke, and am pretty much maxed out with all of the clothes, gadgets, and big ticket items that I need or want.
It's also my new years resolution to stop buying food out and eating processed food which can save a lot.
I'm not sure if I'm getting tighter in my old age or if all of the bearish news is getting to me, but prices on discretionary items just feel as though they are crossing some line for me where it ceases to become worth it.
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Not sure where they get their figures from but Forex Factory often revise down before release, and I don't think I've ever seen them underestimate a figure. Basically, they verge on the side of bullish.
This predicted -0.3% is very encouraging
Credit Card Debtors Sleeping Like Babies
in House prices and the economy
Posted
It's not that bad for most people. A few letters and then you move house and they lose track of you.
Different if you have lots of ties, but if not then it's a very thin tie maintained in the head of the debt slave.