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5th Man

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About 5th Man

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  1. By the way, Mrs Public Idiot, said she had wanted/tried to move for 5 years now. Which is more or less exactly when they bought it. Caveat emptor.
  2. Maybe I am being too harsh. After all, it never ceases to amaze me that people are prepared to appear on mass media to announce and disseminate their own (financial) bufoonery. Seriously, why would you do this ? 'Hello everyone, I've got a massive problem, and I've paid way too much for something, and now I don't know what to do'. It's just asking for someone to come along and make matters worse by underbidding you and forcing your price lower. Are they hoping that this might promote the sale at a high price ? 'Look no one has touched it at 300K for two years but now we've revealed our predicament on national TV, there'll be a coachload of frothing first time buyers pulling up outside any moment to bag our bargain. Probably provoke a bidding war'. Why anyone ever let them loose with 1/3 of a million pounds is a good question.
  3. I don't really understand why sympathy comes into it. It's a financial transaction. Would you consider paying an extra 10 p for a can of coke at your corner shop if the shopkeeper told you it hadn't been a great week ? What came across to me was the level of denial in the interview. The screaming crescendo of which was the doe eyes and head tilt of the presenters at the end and them saying ' well they are doing all of that, and they still can't sell'. Err, no they're not. They are not dropping the price 30% to sell it. Because they can't. So there's the choice. Either drop the price and deal with the situation, or STFU, remove it from the market and get on with your lives. Don't expect other people to pick up the tab for your mistake. Some people need charity, you know like starving kids in war torn bits of Africa. This couple didn't look malnourished.
  4. No they don't include them as repossesions are considered as outliers that skew the market since there is normally a foreclosure discount built in. Strange that they do not use a 'muppet-o-meter' to check for properties sold for way over asking to numpties.
  5. Payday loans to the unemployed ? Really ? Apart from the obvious contradiction in the original sentence, would someone advise when we should start eating our own young ?
  6. You know the more I think about it, this is where that scurrillous story in the Express is from. The banks have to be seen to be using that 100Bn for lending money. The Express is quoting more joy for mortgage payers. I bet we see 'forced' remortgages. That way the banks can say they've lent the money, the Government can say we are helping, and everyone who already has a stinking great loan gets it slightly cheaper (although watch that the banks will ensure their cut goes up.). Lending to new buyers ? Unlikely.
  7. I suspect this money will be funneled into corespondent loans for quality money already lent. i.e. if you've lent at 60% LTV to a good payer and you've securitised the loan on the money markets Libor +.25 why not get rid of that money market loan and use the BOE's cheaper money. They'll be forcing remortgages on people. Ultimately, the lack of mortgage numbers is down to two things : property prices too high, mortgage criteria too strict. So fiddle with either of those and you'll get more loans. Pushing more money in to a system where the demand has already been broken due to above won't work as you can't stimulate the demand. Now if they re-introduce 90% liar loans then buy anything and as many as you can.
  8. Yes they are. Here's the spin : LONDON (MNI) - Mortgage approvals slumped in June, suggesting housing market activity will be weak through the summer, British Bankers' Association data show. The seasonally adjusted number of mortgage approvals plunged to 26,269 in June from 29,567 in May, the lowest outturn since the 26,067 recorded back in January 2009. With the distortions caused by the expiry of the stamp duty holiday in March having faded from picture, these data point to underlying weakness in the housing market. The net change in amounts of mortgage lending outstanding was Stg342 million on the month in June. Gross mortgage loans totalled Stg7.193 billion in June, down from Stg7.687 billion in May. "Public holidays and wet weather put a damper on mortgage approvals in June and demand for unsecured household borrowing was also low. Paying off loans or overdrafts and building up deposits is the current consumer ambition," BBA statistics director, David Dooks said. Mortgage approvals picked up at the start of 2012, with the end March expiry of the stamp duty holiday looming. They stood at 37,645 in January before fading to 31,581 in April, in the wake of the stamp duty expiry. June mortgage approvals were 20.5% down on a year ago. The unsecured June borrowing figures showed a small rise in net credit card credit, which was up Stg255 million on the month. The amount of overdraft lending outstanding fell to Stg8.45 billion from Stg8.661 billion in May. The amount of structured personal loans outstanding fell to Stg36.582 billion from May's Stg37.16 billion.
  9. Undoubtedly would have some effect, however the previous month's figure was revised down also. A print with a 2 in front of it is real life support stuff. It looks like a Wil E Coyote moment to me, as the irrepressible forces of gravity finally weigh on this market. That said no one expects the Government to find another way of propping it up, which means they will indeed try.
  10. Looking for the figures but I think amount loaned went up. Which suggests that the market is being heavily skewed by top end, or central London most likely. Anyway, I am sure it's nothing to worry about. The 5000 drop in loans is probably to do with the rain/jubilee/olympics and certainly not the emerging shtstorm.
  11. UK BBA Loans for House Purchase (Jun) M/M 26269 vs. Exp. 31200 (Prev. 30238, Rev. 29567) Nothing to worry about I'm sure.
  12. I wonder how many of the campaigners regularly attend Church. I'll resist the urge to remark that they should be attending Catholic Church if they really are going to claim sanctity of the Blessed Virgin. On second thoughts they probably just see it as a tourist attraction. I seem to recall that Jesus was a bit bothered about the homeless, poor, needy etc, but not so concerned with SME's or even big sponsorship deals. Build the farking houses.
  13. Retail sales missed expectations, even ex fuel, so I am unsure why you think they are up. Surprisingly, the Jubilee didn't mean everyone spent lots of money, and apparently the rain is hampering us as well. Nothing to do with the worldwide shtstorm of course.
  14. Merv is convinced we have to make our manufacturers and exporters competitive. All three of them. So it's a race to the bottom on the currency front.
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