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r thritis

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Everything posted by r thritis

  1. Its quite interesting this one. There is the old adage that a property is worth what someone is prepared to pay. However this proves not to be the case here. Whilst outwardly giving the impression of independence, I think the surveyors are being heavily leant on by the lenders to reign in their valuations. It was a feature of the boom, that the surveyors would value your property for whatever the hell you wanted to borrow. There were many cases of HUGE over valuations for MEWs. - this was fine while the prices were roaring upwards. They won the business for the lenders who were soon protected from any risk of the over valuation. The homeowner was left positively glowing at the valuation placed on their house, as they rushed off to the BMW dealer to spend their equity. Not any more.
  2. I think this is my favourite line from the Babelfish translation:
  3. I think a few people missed the point here! The infamous 125% mortage is not being offered now. If you look at the dates above, Shamus has just bounced my Jan 2006 post. In the original post I vented my spleen at the irresponsibility of offering such a mortgage. Its a pity the FSA didnt think to question it at the time. Maybe the govt should take advice from HPC rather than that idiot Nickell.
  4. Why would these people 'waiting in the wings' rush to buy into a falling market? The man has never really been exposed to the real world, he has gone from education to hippy to academia. This whole interview provides an incredible insight into the stupidity of the man. Is he representative of the other (current) members of the committee? If so, this is really scary.
  5. And look out for what must be one of the first references to "Northern C*ck" http://www.housepricecrash.co.uk/forum/ind...c=22317&hl=
  6. Not sure how they can do this in a free market. The fundamental mortgage lending model is inherently unstable. The root of the instability is the concept of dividing the principal into 300 equal repayments (for a 25 year mortgage), and applying the current rate of interest to each repayment. This encourages prices to rocket during times of low interest/low inflation as the monthly payment remains 'affordable'. To remove the instability there needs to be some sort of weighting factor applied to the amount of principal to be repaid each month so the affordability remains constant regardless of inflation.
  7. As there was nothing but steady growth between 1995 and 2005. Seems to be an odd headline, thats all. Maybe 12 years would look too alarmist.
  8. The difference is that the 450K is just fictional paper monopoly money whereas the 400 quid is real 'out of yer wallet' money. This is why the the cost of the HIP is significant even though is represents just 0.1% of the asking price.
  9. What so now we're quoting HPI over 5 year periods? What happened to the more traditional YoY or MoM figures? Ah - they went negative didn't they.....
  10. Thanks for using the "*". It would be really offensive to that word in full.
  11. Hey am I invisible? - this is exactly my point in post 38 of this thread.
  12. Has anyone else experienced this one yet: (after several years of prediction forthcoming gloom in the housing market): "You were wrong before, but NOW there IS going to be a downturn"
  13. This was truly shocking. I know its locking the stable door.. etc now, but there is a dire need for regulation of these brokers. These guys are just motivated by the commission and it seems there is no accountability after they have made their sale. Its the same old story - in a rising market, nobody cares, the regulation slackens and everyone's still a winner. As soon as things start heading downwards the spotlight turns on these issues.
  14. No - that's a sign of increased prosperity in the area, according to the ING quarterly newsletter that fell through the door this month! One of the indicators of an 'up and coming area' is the increase in the number of burglar alarms. - And there was me thinking it was a sign of increased crime in the area.
  15. Agreed - but remember this is only the start. By its very nature, sub-prime is always going to be the first to go. Further down the road we'll see plenty of prime mortgages hitting the rocks.
  16. No they wouldn't. Most people like HPI it makes them feel rich. This is the main driver of the soon-to-evaporate feel-good factor.
  17. The decision to call the election this autumn has been made weeks ago. Its funny to see the bravado of the Tories calling for the election this week when they are hoping like hell that he wont! They know they have no chance of winning, but they can't lose face and say what they really feel, which is: "No Mr Brown, please not now - just give us a bit more time! Wait until next year when it will become obvious to the moronic millions out there that your economic stability has been built on a house of cards and will come crashing down around your ears."
  18. These free sessions are indeed a brainwashing session to get you to part with thousands of quid to attend the real sessions. I have several acquaintances who are recent Inside Trackers and its just like they have had their brain fried and reprogramed. They come out speaking in a weird new way (reminiscent to me of the multi-level marketers you used to meet hanging around in hotel lobbies a few years ago). They have total confidence that they will succeed and prosper. One of them is going to 'retire' from his council job next year aged 40. He's ordered an off-plan apartment in Spain. He seems desparate to let everyone know that he's now a property tycoon. I wonder how long he will last.
  19. Assuming the next MPC meeting will be just days before the election, would they dare to cut then?
  20. Hey - you can buy a new fangled thing called a video recorder. It has a timer on it so you can record things even when you're out! Whatever will they think of next.
  21. Come on - its those anecdotals that make for a good read on the long dark evenings Suffering and gloom of the over-mortgaged. Buy to let misery. Lets be 'avin em.
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