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House Price Crash Forum

Gideon Gono

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Everything posted by Gideon Gono

  1. Not that you have put any time or effort into thinking about it or anything.......
  2. 150 for a 2 bed flat there sounds about right.......
  3. Meanwhile, in the real world, the fine keeps going up and up the longer its not paid. I'd just pay it. Is 70 quid really worth the time & effort? Thats before the drama of a CCJ.
  4. Get over it. Mohammed gives people that couldnt afford a house a place to live.
  5. We will see - Is the head of that panel Chuck Grassley or Orin Hatch? They hate Obama. Some of the republicans were tell people not to buy Chrysler or GM cars because they were govt sponsored bailouts today
  6. Yes, and it goes to show they think the worst is over and dont need the extra funding. Its all very good news.
  7. hahhahaa - the point is they don't need the money. They aren't stressed and want to operate without govt help. The interest is irrelevant.
  8. http://www.guardian.co.uk/business/2009/ju...inancial-crisis Banks' repaying government funds has been greeted as a sign that Wall Street is edging towards a recovery from its most traumatic financial crisis since the Great Depression of the 1930s Comments (1) Buzz up! Digg it Andrew Clark in New York guardian.co.uk, Tuesday 9 June 2009 18.24 BST Article history Treasury secretary Timothy Geithner arrives on Capitol Hill to face the Senate financial services subcommittee. Photograph: Tim Sloan/AFP/Getty Images The Obama administration has given the go-ahead for ten of America's biggest banks to repay $68bn (£43bn) in emergency bail-out money after judging that the institutions have recovered sufficient stability to survive without a financial crutch from taxpayers. JP Morgan, Morgan Stanley and Bank of New York Mellon are among those handing back government money pumped into top Wall Street firms to avert financial collapse at the height of last year's meltdown in the banking industry. The ability of the banks to return funds has been widely greeted as a sign that Wall Street is edging towards a recovery from its most traumatic financial crisis since the Great Depression of the 1930s. But the US treasury secretary, Timothy Geithner, echoed analysts and industry insiders by warning that the reconstruction of the banking sector is far from complete. "These repayments are an encouraging sign of financial repair, but we still have work to do," said Geithner. Those repaying funds have been obliged to meet stringent challenges. They were required to prove that they can raise money independently on the public markets and Treasury officials scrutinised the adequacy of their capital in financial "stress tests" carried out last month. Many banks are anxious to hand back the money as fast as possible, keen to escape political oversight, restrictions on dividend payouts and a perceived stigma attached to reliance on taxpayers' funds. "If I was a bank, I'd rather be out than in," said Jason Goldberg, a banking analyst at Barclays Capital in New York. He pointed out that banks have raised more than $50bn in private capital over recent months but he added that they still face risks arising from bad debt on credit cards and mortgages: "Talk about nationalisation and liquidity has abated but they still face the prospect of rising loan losses." The Treasury did not name the banks repaying money amid concern that those left in the $700bn government support programme could be further tainted through the emergence of a two-tier financial industry. But many of those involved were quick to identify themselves. JP Morgan, which has bought struggling rivals such as Bear Stearns and Washington Mutual, said it was returning the government's entire $25bn investment in its preferred shares. Chief executive Jamie Dimon said: "We feel it's best for our government to be able to use these funds for other critical purposes." Morgan Stanley is handing back $10bn, Bank of New York Mellon is repaying $3bn, State Street is refunding $2bn and Northern Trust said it was returning $1.58bn. Goldman Sachs and American Express are thought to be among the others repaying money. Scores more banks, however, remain dependent on government funds – including Citigroup and Bank of America, which have been told to deepen their capital cushions significantly before repaying Tarp money. The Treasury said it would use the refunded money to replenish its funds to respond to any future financial instability. Analysts caution that there is still a significant risk that further economic deterioration could undermine banks. Nancy Bush, a banking analyst at NAB Research, said: "There are still forces which could come back to haunt us." The White House is set to announce plans next week for longer term reforms of Wall Street including a shake-up of regulatory bodies and tighter oversight of executive bonus payouts, which have been blamed for exacerbating a culture of excessive risk-taking. In testimony to the US senate's appropriations committee , Geithner promised a comprehensive plan to "ensure that no large and interconnected firm or market can take on so much risk that its failure could destabilise the entire financial system". The treasury is expected to appoint a "compensation czar" to police pay packages and the Securities and Exchange Commission is likely to get new powers to oversee remuneration. The US stockmarket was unimpressed by the banks' repayment of ­government funds. By midday, the Dow Jones ­Industrial Average was down 33 points to 8,370. The Congressional Oversight Panel expressed concern that the government's stress tests on banks may have been too lenient. It pointed out that the government tested banks' ability to withstand an unemployment rate of 8.9% – yet the rate has risen to 9.4%. The panel's chairman, Elisabeth Warren, told lawmakers: "The worst case scenario number for 2009 is, in fact, not the worst case. We're going to see worse numbers." One view among experts is that stress tests should become a regular event. "The best thing that could happen is some permanent form of stress testing," said Robert Gach, head of global capital markets at the consultancy firm Accenture. "We're starting to see a corner turned but it's still going to be a bumpy road going forward."
  9. So on average its 6% of take home pay? Spin that however you like but it not 50 or 60%. No story there.
  10. Go for it - 100k will be nothing once inflation kicks in.
  11. The markets still right, the forces put on it were not normal. What was the alternative for the Govt?
  12. I agree with you. The market is always right. If its too cheap people buy the commodity until it reaches a straining point. If its too dear people wont buy and the price drops to a level where someone will. Supply and demand. As we can see with houses. They were too dear, now they are at a level where people are starting to get in again. There is no moral issue - look after No1.
  13. Id love to see stats on how many people actually MEW-ed and to what extent. I don't know anybody who did it. I read some horror stories of extreme cases but these aren't the norm.
  14. Finance has been hit very hard - How many bankers/financial sector workers from Bear Stearns, Leaman, Goldman Sachs, JPM, Lloyds and countless Hedge Funds have been laid off?? Hundreds of Thousands. Or do you forget that because they were laid off 18 months ago?
  15. Everyone is a VI on here - whether its up or down. Banks failing, people losing their jobs is greeting with rapturous applause from the bears who think they will get a cheap house. The bulls want their investments to grow. There are no morals. Its all about looking after yourself.
  16. I agree. I'm surprised LDV lasted as long as it did. It was a bull market business model. Every job lose is a tragedy but I'm sure the govt will move to stage 2 of the recovery. My bet is they will give tax breaks to companies investing in green tech. You guys need to remember that unemployment is the second to last stage of a recession. Job loses are slowing quickly. By Autumn it will be picking up again, smart money has already picked the bottom of the housing market.
  17. well done on saving 45k for a deposit. Ive done once on a bigger salary than that, and that was hard. Full respect.
  18. The bible offends me too, but the quran offends me more.
  19. http://news.bbc.co.uk/1/hi/business/8090028.stm Rising interest from potential buyers coupled with falling numbers of sellers is stabilising UK house prices, according to surveyors. New buyer inquiries increased for the seventh month in a row in May - at the fastest rate since 1999, said the Royal Institution of Chartered Surveyors. But there were fewer sellers, continuing a trend of the last two years, the survey found. Two other surveys recently reported a rise in house prices in May. Survey The Rics survey, which has been running since 1978, takes a snapshot of the degree of confidence in the market from surveyors and estate agents across the UK. [There are] definite signs of early recovery but we are hoping the usual summer seasonal downturn does not now occur Ian Shaw, Lincolnshire estate agent UK house prices 'up 2.6% in May' They reported that average sales were at their highest level since August last year. However, at 11.8 properties sold per surveyor in the last three months, this remained 31% down on the same period a year earlier. The Rics members did again suggest a further increase in potential new buyers window shopping for property, most notably in Scotland, London and the South East of England. Alongside this, there were fewer people asking agents to sell their homes in May, which was having a logical effect on house prices. "On the face of it, the housing market does appear to be close to bottoming out with activity picking up in a material way and prices at last stabilising," said Rics spokesman Ian Perry. "However, it is important to remember that the lack of supply has been as important in underpinning prices as the rise in demand." 'Obstacles' Some 11% more surveyors were now expecting property prices to fall rather than rise, the survey found. In addition, 40% more were predicting sales to increase than fall. Yet, Mr Perry stressed that the troubled state of the economy could still constrain any housing market recovery. "With the economic backdrop still quite uncertain, unemployment is set to continue increasing sharply and finance for first time buyers is still in short supply, there are a number of significant obstacles for the market to overcome over the coming months," he said. Some surveyors pointed to the seasonal nature of property sales. "[There are] definite signs of early recovery but we are hoping the usual summer seasonal downturn does not now occur," said Ian Shaw, who operates in Lincolnshire. On 4 June, a survey by the Halifax said that UK house prices rose by 2.6% in May compared with April but activity remained low in the market. This came shortly after the Nationwide building society reported a 1.2% rise in prices in May compared with April - the second rise in three months.
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