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House Price Crash Forum


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Posts posted by strbear

  1. The trouble with all public sector agencies is that they have no-one onboard who understands business - they are full of PC useless people who have never and will never do anything meaningful. In our area they've just kicked off a multi-million pound scheme to make Yorkshire the second financial centre after London. Thing is it already is!!!!!

    Full of useless to**ers!

    Sleep tight


  2. Lot 217 ( Guide Price: 60 )

    Vendor: Barnard Marcus

    Address: 212 Platinum House, 89 Branston Street, Birmingham, West Midlands, B18

    The description from the Barnard Marcus website is: Long Leasehold 1st Floor Purpose Built Self-Contained Flat One Room(s) Vacant © Barnard Marcus

    Map: Click Here

    Last Sold Price: No data found for this property - Click here to search

    Auction Result: Sold ( Highest Bid was: £63,000 )

    It is not possible to calculate the profit / loss upon sale as Last Sale Price is unknown.

    Good work, thought I'd help you out, the address format is different and the previous sales figures are

    29/06/2004 £159,000 Flat L No Map 89 Platinum, 212 Apartment, Branston Street, Hockley, Birmingham, West Midlands, B18 6BT

    16/10/2003 £126,950 Flat L Yes Map 89 Platinum, 212 Apartment, Branston Street, Hockley, Birmingham, West Midlands, B18 6BT

    thats a loss of 60%



  3. I tend to think he's a bit like the character Lenny in John Steinbeck's Of Mice and Men, he means only to hold the mice (the economy) in his capable hands, but accidentally ends up killing them.

    Funny thing is he does remind me of a character - not quite as literary as yours - its Chief Clancy Wiggum in the Simpsons. Well meaning man but absolutely useless! In his own immortal words;

    Okay folks, show's over. Nothing to see here, show's... Oh my god! A horrible plane crash! Hey everybody, get a load of this flaming wreckage! Come on, crowd around, crowd around!

    Ho hum - is he really the best we've got?


  4. The bailout bill hurtling toward passage tonight in the Senate orders the Treasury Secretary to use his new powers in a manner that "protects home values."
    Here's the language in the bill:

    The purposes of this Act are...

    (1) To immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States; and

    (2) to ensure that such authority and such facilities are used in a manner that --

    (A) protects home values B), college funds, retirement accounts, and life savings;

    (B ) preserves homeownership...

    Can you believe this?

    Full article in the LA Times at http://latimesblogs.latimes.com/laland/200...ealestate-blogs

    Do they have enough money?



  5. Well the $700bn bailout doesn't look too good now as the Dow falls over 3% on the realisation that it won't make that much of a difference

    The S&P 500 retreated 47.99 points to 1,207.09. The Dow Jones Industrial Average slid 372.75, or 3.3 percent, to 11,015.69. The Nasdaq Composite Index decreased 94.92, or 4.2 percent, to 2,178.98. Six stocks retreated for each that rose on the New York Stock Exchange in floor volume of 1.3 billion shares, 45 percent below last week's average.

    ``They really haven't changed the economic fundamentals at all,'' said Jeffrey Coons, co-director of research at Manning & Napier Advisors Inc. in Fairport, New York, which manages $18 billion. ``We still have a debt-laden U.S. consumer facing falling employment.''


    Tomorrow will be an interesting day

    Sleep tight



  6. Hadn't seen a proposed value on the site so here it is from the LA Times

    WASHINGTON -- The Bush administration this morning formally asked Congress to grant sweeping new powers to the Treasury secretary to buy as much as $700 billion in loss-ridden mortgage-related assets as part of a herculean effort to clean up Wall Street's financial crisis.

    A draft of the plan was delivered to Congress early today, and lawmakers will spend the weekend poring through it. As written, the bill would require the Treasury secretary to put equal weight on the welfare of the taxpayer as well as Wall Street in using the extraordinary authority. The new powers would expire after two years.

    "In exercising the authorities granted in this act, the secretary shall take into consideration means for (1) providing stability or preventing disruption to the financial markets or banking system; and (2) protecting the taxpayer," the draft says.

    The powers granted under the law also would be difficult to challenge. The new authorities "may not be reviewed by any court of law or any administrative agency," although the Treasury secretary would be required to report to Congress on how he was exercising them.

    The proposed legislation would raise the government's debt ceiling to $11.3 trillion.

    The draft proposal gives the secretary full discretion to use the powers as he sees fit in hiring employees or forming agencies to carry them out.

    Congress has pledged to move swiftly on the proposal in order to stabilize the financial markets, which were succumbing to panic this week. The Dow Jones industrial average fell to its lowest level in almost three years earlier this week as giant financial institutions teetered on the verge of collapse and global credit markets seized up as banks hoarded their cash.

    Why do they want to interfere?



  7. Great question & with sentiment being the main driver of markets (or it wouldn't have hit double digit drops) then I think the concept of worth is an interesting one.

    To me the key question will be have people lost the view of property as an investment and returned to one of its a roof over our heads?

    If its a roof its probably a return to 3 * joint income plus deposit (in a low interest rate economy), I fear however people may see the opportunity for a few quick bucks again in which case its 5 or 6 times joint (and accept a few repos along the way)

    Of course to some the answer will be "Its all Brown's fault", to others 90% drops but I'll settle for my answer and await the throwing of rocks.


  8. See what the US thinks of what's happening here;


    It's clear that Britons won't be returning to the boom times when many remortgaged their homes to fund vacations and other luxuries.

    "We have had it too good for too long and we haven't put any money away for a rainy day," Jones said. "Now it's thundering."

    If you want to be really upset check out the weather on the homepage - why do I live in the UK?

    Have a nice day



  9. Its true to say that fewer people are buying new cars than just 6 months ago - I had this through from my local dealer tempting me to trade down to a new E class

    On the Road price £33,625

    Monthly Payment** £329

    Customer Deposit £5,499

    Retailer Deposit Contribution* £3,448

    Number of Payments 36

    Optional Purchase Payment † £15,000

    So the dealer has to put in just over 10% to get anyone interested - not so long ago you couldn't get anything off a new Merc - how times have changed and I'm sure its only going to get worse for them. Amongst owners they are known as "stealers" - lets see how they fare now people can;t get free credit to buy their cars!



  10. then wend my way through the lanes to Fleet, where I live.


    Sounds like a good breakfast - I had a similar experience with some bankers ( well HSBC Business Bankers, so actually salesmen / administrators not bankers) yesterday - they understand so little of what they do its frightening.

    I STR'ed from Fleet in late 04 - Church Crookham to be precise, the Bryant Estate by the Canal - whats been happening to house prices in the area since - have I missed out or has Elvetham Heath kept a cap on prices?

    Just wondering?



  11. People spend what they earn - you just eat out more often, drink more expensive wine and, of course, drive a more expensive car. To many its all about keeping up with the Jones's and whilst thats affordable - its the house thats the killer in this case. Some friends of mine, both professionals on £60K, have a £500K mortgage - one loses their job - game over. There is no depth, no reserves and thats what is about to unfold.



  12. Bank of America CEO Ken Lewis says the bank expects a further 20% decline in California home prices. From Today's L.A. Times: "... Lewis said Bank of America's latest forecast called for a further 15% decline in home prices nationwide, with the decline going into at least the first quarter of next year. In the case of California, Florida and other markets that had the biggest booms, a further 20% decline is more realistic, he said."

    For those of you wondering, here's what another 20% decline would look like if applied to median sales prices as tracked by DataQuick:

    In Los Angeles, the median would decline from $422,000 in May 2008 to $337,600. That, in turn, would represent at decline of 38.7% from peak Los Angeles median pricing of $550,000.

    In all of California, the median would decline from $339,000 in May 2008 to $271,200. That, in turn, would represent at total decline of 44% from peak California pricing of $484,000.

    More in the LA Times at http://latimesblogs.latimes.com/laland/200...as-lewis-s.html

    And all this before Fannie & Freddie




  13. Every report seems to take the same route these days; "Mr X, an expert in Y, says" and yet more often than not they are, as time goes by, proven not to be as expert as they proclaim. We can look at the band of house price experts who all talk like lagging indicators following the market down rather than providing true insight, the highly paid business experts who didn't see it coming or any member of the Government!

    So the question is "Who are the experts in their field and who are just bluffers?" I suggest we build a HPC Hall of Fame or vote on "Britain's most expert expert Awards" to be hosted at the Dorchester and hosted by Eric

    The awards might be

    "Completely Unbelievable, in fact they spout rubbish Award" - Nominees Chemical Ali and David Smith of the Times

    "So expert I might soon be unemployed Award" - Ray Bolger of John Charcol UB40

    "I don't have any knowledge and just tell you what has happened not what is going to happen Award" - Fionnuala of Nationwide

    Obviously there some good experts out there so lets try and get a balance




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