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House Price Crash Forum


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About Bosco

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  1. I have been following this through out the summer too and I am genuinely chuffed that he got the job. His attitude to creating opportunities is pretty inspiring....don't see a link to congratulate him?
  2. I reckon big Stevo's mic was pickin it up as he tried to slip one out without noticing! Anyhow this was a refreshing change to the way things have been represented in the past. I still think that Nolans shout down the guests strategy stinks and is extremely amateur ; on the upside his questions, although probably fed by earpiece were more incisive than usual. The BBA & TR guys were portrayed as being particularly spineless in the face of questioning and FP did a good job maintaining his realistic stance. Foster appeared like a humpy school girl with little of any real value to offer the recent redundancies. Average house price in two years i reckon will be around 100k. Thought that the average wage was duff, 21k at best.
  3. Bosco


    I think quite a few southern 'investors' (sic) are watching the whole NAMA episode unfurl and are clambering to get out before we reach the second wave of reductions due over the next two years. They'll be hoping for a few suckers to step into the breech and take the pressure of them. Its likely that they also purchased these properties from a highly leveraged position on their own homes and seeing the corresponding drop in equity are cutting their losses before its too late.
  4. Hasn't been a problem to me. I've been on academic research contracts (2-3 years at best) since 2000 and took out a mortgage six years ago. If anything the contract system made me more prudent as you can be made redundant at any time, didnt overextend borrowing during the boom and have overpaid the mortgage the last three years. My wife and I intially rented for three years had a child during this time and don't regret it one bit. Though often quoted, its not really a valid excuse to postpone having a family just because you want your own bricks and mortar. Currently negotiating a move to the states which will also entail renting now with two kids.....lifes adventures should not end with owing a monthly payment to the bank.
  5. I noticed a wispa the other day in my local Centra corner shop at 66p and decided not to. Reminds me of holidays in switzerland as a child in the 80's when sweets were just too expensive to buy with pocket money. Not necessarily a bad thing for our nations dental health but stealthy all the same.
  6. Smacks of another Northern Bank style inside job IMO, either that or the bank staff are getting really creative at finding ways to hide all those off balance sheet deficits which are pilling up. Do we have any proof that Euro7million just got nicked, what about serial numbers etc.
  7. The irish banks are gearing up for a bumper easter; seems like customers really want to share some of their eggs already: http://www.rte.ie/news/2009/0217/aibeggs.html copy cat peltings coming to a bank near you soon. Actually the best papyback ever was the guy in the tractor who sprayed the bank with cow manure: http://news.bbc.co.uk/1/hi/uk/975012.stm Nice!
  8. The joke 'whats the differnce between Ireland and Iceland, a 'C' and about nine months' springs to mind. http://www.independent.ie/national-news/fi...ne-1626313.html http://www.independent.ie/opinion/editoria...ow-1626378.html Quick synopsis: Unemployment rate has jumped from 8.3% to 9.2% in December! (Iceland has ~10% unemployment at the minute) 7% pay cuts anounced yesterday will be made across the public sector- threats have been made that strikes are pointless, its a done deal. Ireland is seriously fecked
  9. Right on the ball shipbuilder; the BT article stinks of cosy Ulster Bank- Developer collusion. The real headline here is "Bank wangles new off-spreadsheet deal with developer to shaft first time buyers with overpriced shoe box". What the bank is really doing is narrowing the risk of not recouping the money lent to one developer (about to go bust), by spreading the risk to several niave FTB's who will likely be in negative equity from the moment a purchase is made. The bank is essentially hedging that more than 15% decreases are likely, but leaving some one else liable. Nice work if your a heartless barsteward.
  10. You beat me to it paul yes, still a laughable document of VI huff and puff! Particularly endearing delusional quotes include: "Bad news national stories still frighten and rattle buyers’ confidence despite the rapid regional price reductions of more than 30%"- still another 30-50% to go Tom (head of RICS VIs in NI). "Price levels are bottoming out but lack of available finance for First Time Buyers is preventing any significant increase in sales" - translates as retiscence to drop prices further is preventing sales, no bottom to this market for another year or two Aidan. The other two comentators on the other hand are refreshingly realistic about the situation.
  11. Muffin price crash also long over due. Was in County Clare over new year, chocolate muffins cost £2.50 with the new euro parity. The royal institute of chartered bakers have commented that under supply and pent up demand will maintain high prices though!
  12. Yep its pretty awful ABB. EA's in the North are trumping the same BS, still got another 25-40%drop to go IMO as many have yet to wake up and smell the coffee.
  13. http://www.limerickleader.ie/news/Limerick...sive.4855146.jp Up to 1,900 jobs going by next year, with nearly 15,000 dependant spin off/ supporting jobs also expected to go to the wall. This was an inevitable but all the same massive blow for the Limerick population in the west of Ireland. The jobs are to be 'migrated' to Poland and I imagine this is the first of many multinationals to up sticks and leave rip off ireland. The aspirational 'Decklanders' that David McWilliams highlights in his book, The Popes Children, look to be well shafted for years to come with few prospects in the region and super high mortgages to repay. Looks like house prices will drop like a stone in redundancy affected areas like this.
  14. I think there is a general unfounded assumption that what exists today or in the recent past will still be available in the future. There is nothing to suggest that the SVR will stay so low for an extended period or that fixed rate mortgages will be viable option for those with a high LTV.
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