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House Price Crash Forum

Toto deVeer

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Everything posted by Toto deVeer

  1. Heading for the bottom trend, and may dip below. I predict that the bottom trend will eventually become the 'new norm' for HPI. In 20 years or so, that won't be so bad. Sorry bulls, but this should be obvious to anyone. Bail now while you still can, it's going to be a long grinding, tooth rattling ride from here...
  2. Sorry to be such a cynic, but I think that this concludes the matter, regarding staged protests and PR gimmicks. Goebbels would be proud. http://bigjournalism.com/acary/2010/05/21/d-c-metro-police-escorted-seiu-protesters-to-greg-baers-home/
  3. The UK is located right next to the New World Order already. It's called Europe, and is the model. Top-down, statist, elitist, completely undemocratic and ravenously expansionist. If the Euro fails, I shall be the first to celebrate... (Not because I wish ordinary Europeans to suffer harm, but because it would set back the globalist movement for decades.)
  4. I think it is a good start. It's early days yet. The basic principle of devolving power is a good one. Still waiting for the local income tax though. Maybe that would replace the council tax?
  5. It's not the day traders who have caused this problem though, it's the unregulated casino derivatives market. They should levy a 1% tax on all outstanding unregulated derivative products...and apply it against government deficits. It would raise a few trillion dollars per year, or completely stop the credit default market.
  6. More than 50% of the world's nations defaulted on their debt during the last Depression, why not just do it again?
  7. I suppose it will be 28 when they let Turkey in... But then Obama thinks there are 58 states in the US...
  8. Oh dear. Heaven help us all. The only bank tax that I'm in favour of is a tax on derivative transactions. Everything else is just going to be passed on to the customer. In fact, I'd be happy of we just closed all commercial banks tomorrow and accessed our money directly from the BOE via the Post Office. And the very last thing we need is a global tax going to some fairy fairy land UN diktat.
  9. There is a reason for 'mark to market' though. It's a measure of solvency. When it's hidden (like now), it continues to leak out into cash flow. Then it can't be hidden any more. Fingers in the dam type stuff. The only way the government can continue this is to print money and give it to the banks. I think the UK has hit a brick wall here. Timing-wise, I would be very surprised if they can continue to hold on past November or so of this year. The low interest rate has happened because the UK has largely followed the US Fed rate policy. So a rise in Fed rates, or a poor response to the bond auction, should drive rates here up. Timing is very uncertain though.
  10. Tall building developments are the most financially risky types. That's what has caught Dubai so badly. You need a really strong and stable economy to support them.
  11. I personally would like to see fair regulations introduced, and the EA industry elevated to the professional status that it rightfully should occupy, being involved the negotiation of perhaps the most important financial transaction of most of our lives. At the moment it is too open to unscrupulous operators. Cameron, Clegg, are you reading?
  12. Sorry if someone else mentioned this. This thread is growing rapidly. I think it's just a result of the fractional reserve banking system, where real estate is a security of the bank to be leveraged, where the leverage is dependent upon the value of your labour. In other words, you have been monetised by the banks, and nowhere is this more apparent than in a real estate mortgage transaction. Isn't it interesting that, for the large majority of British properties, under the current system, they never leave the possession of the banking system? Ad infinitum?
  13. Yes I thought that was a little bit harsh when I re-read it. My apologies. I should have said 'unscrupulous EA's'. I consider it fraudulent because the buyer, who thinks the deal is sealed, can be duped (defrauded) by an unscrupulous EA who tries to scare them into a higher price by 'there is a higher bid out there' approach, or by simply continuing to invite bids on a property. This is particularly a danger during boom periods, and in a properly regulated market, would certainly be considered fraudulent. In fact I think you would agree that the banking, finance and EA industry has time and time again been implicated in fraudulent activity over the last ten years or so. A number of documentaries have pointed this out. So you may argue that the EA's responsibility is to the seller, but as the system does not provide a counterparty to look after the interests of the buyer, this asymmetric seller bias should be considered illegal, as it does not constitute a fair contractual environment for both parties. In the US, for example, any transaction that uses an agency system has an agent that represents the interests of a buyer, and an agent who represents the interests of the seller, and the commission is shared 50/50 by both parties. I am not suggesting that this is the best arrangement for the UK. It could be instead handled by proper legislation regarding property transactions. Do you not agree?
  14. So are we all agreed that governments completely control currency exchange rates and that the markets have no say in it? Good. I can go back to my breakfast then.
  15. I also would suspect that the EA's were looking to make a lot of money from the HIPS system; being the front line for preparing them...
  16. Not so sure that was the motivation. More likely to be that they just want to eliminate the cost and associated bureaucracy. What they really need to do instead is to bring the system in line with Scotland, when a price is agreed verbally, that's a contract. No more gazumping. At the moment the system in England and Wales allows EA's to operate fraudulently with impunity.
  17. The property industry here is like the construction industry. Full of cowboys. This points out a major problem in the UK housing market. All these small timers renting properties that have no idea what they are doing and placing their tenants in a position of instability. I'd like to see it stopped, and instead have the professionals take over. Won't happen though...
  18. You've got the 2012 Olympics too, don't forget. But this is what I had suspected; that the gov't would try to push hp deflation out to the currency...
  19. Gotta bounce off the bottom at some point. It's a statistical certainty.
  20. Tulip's problem is that he lives in an area that is popular for retirement. This is directly dependent upon prices in places like London. But he should take heart that his region had perhaps the largest and most rapid fall in 2008 of any region in the UK, and when prices start to fall in London prices will fall more rapidly in these retirement regions.
  21. 1) Interest rates. Interest rates can only go up from here. At some point the market will demand higher interest rates no matter what the government(s) wish. 2) Extend and pretend. Governments have suspended 'mark to market' rules for banks. This allows non-performing property portfolios to be parked off balance. But this eventually hits cash flow, so it cannot be suspended indefinitely. 3) Psychology. The reality of the economic situation has still not sunk in. It's like a junkie going cold turkey, just coming off the last high. IMO watch London. When prices in London really start to go, then the rest of the market will follow. I understand that London asking prices dropped 2% last month?
  22. From strictly a traders perspective, $700 is the critical level...
  23. Yes I presently do not own any gold, it's just too expensive for my liking and seems to have temporarily plateaued. But I intend to invest in gold in the coming months if the pullback is realized.
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