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Captain Coma

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  1. Lot 69 ( Guide Price: 130 )

    Vendor: Mustbesold.com

    Address: 11 Manor Close, Misson, Doncaster, South Yorkshire, DN10

    The description from the Mustbesold.com website is: Freehold Detached Bungalow 5 Room(s) Garden Parking Space Vacant © Mustbesold.com

    Map: Click Here

    Last Sold Price: £59,950 on 27/10/2000

    Auction Result: No Bids

    Any inaccuracies, errors or suggestions for improvements to the reports, please PM me

    View this auction Live

    View summary of this lot

    This was interesting. A large bungalow (double garage) on what looks like a very pleasant street - no bids at all?

    Bought in 2000 for 60K so no neg equity (unless mewed to Kingdom Come) - for sale by mortgagee - that's the bank, right?

    What's the story behind this one? Any ideas/guesses?

  2. Nationally, between July and September, 11,300 homeowners were evicted, although the real figure is higher.

    This is because the figures only include 'first charge' repossession, initiated by a bank or building society.

    Ooh, I didn't realise the repo figures are only for those people who haven't MEWed. Must be a much higher percentage for those that have!

  3. Debt collection agency (DCA): Is Mr X there?

    You: Do you want Mr X?

    DCA: Yes

    You: Why?

    DCA: Money is owed etc.

    You: This is a murder scene and you are saying that the deceased owed you money? What is your name and address?

    DCA: What?

    You: This is Detective Chief Inspector Y and you clearly know the name of the deceased and are demanding money from him. When was the last time you saw him?

    DCA: Don't know him, guv, nothing to do with me.

    You: We can trace this call so don't hang up.

    DCA: I'm just doing my job.

    You: You are a material witness in a criminal investigation and we need to interview you immediately. What is the adress you are calling from? An officer will be with you in a few minutes.

    *click*

  4. I have observed Obama seemed to be using Neuro Liguistic Programming (NLP), and other cult building mind control/mind programming tricks. Such effective techniques have been developed these days that if you watch someone who is using these techniques you really can't help but be taken in by them

    Well, didn't work with me.

    My attitude to Obama/McCain has been "a plague on both their houses", but I actually watched a speech by Obama the other day for the first time, and my feeling was "My God, what a windbag". Then I had the uncomfortable thought (unbudgeable now) that it was really like listening to Neil Kinnock: after he's finally shut up you realise you've got drool on your collar.

  5. As I keep saying it makes no sense to stay in your home in the present economic climate in the US especially if you have your job. This is the micro hedge from hell and the US home owners are now shorting the banks in a way the banks never thought possible. It appears the banks failed to calculate the risk of what happens when you have mass defaults and people walk.

    Yes, jingle mail - but there are a couple of important codas. There is a divide between "recourse" and "non-recourse" loans in the USA (whether the lien is against the borrower or the property alone). Different States have different laws.

    This post from Ticker Forum is informative:

    At the very least you would do well to list the non-recourse states.

    Anti-Deficiency / Non-Recourse States

    Alaska

    Arizona

    California

    Connecticut

    Florida

    Idaho

    Minnesota

    North Carolina

    North Dakota

    Texas

    Utah

    Washington

    One Action States

    In some states, lenders are only permitted a single lawsuit to collect mortgage debt. This plays out differently depending on the state’s laws. In New York, for example, a lender must choose between the actions of foreclosing on the property or suing to collect the debt. The following states have some type of one action statute:

    California

    Idaho

    Montana

    Nevada

    New York

    Utah

    Otherwise suck it up and write the check.

    http://www.tickerforum.org/cgi-ticker/akcs...9363&page=3

    I believe that in every State, any second loan (i.e. MEW/HELOC) automatically renders the amount owed "recourse", so even if you bought in Florida, if you borrowed against your house to buy a car or holiday, the bank can come after you for the full debt forever ...

  6. 12.9

    However - is this value based on the sold properties (and in this area there have tended to be more `nice' rural cottages and converted barns changing hands than cheaper houses in the towns where more established local families live.

    The other factor might be that the average salary includes people in social housing, whilst the house prices reflect the `escape to the country' people. I think these figures need to be taken with at least a small pinch of salt.

    Y

    Interesting. I just looked up on houseprices.co.uk the house that my parents bought (their first), when I was two years old in 1967. It was in BR6 (Orpington) and cost £7,000 - a new, three-bedroom terraced house. My dad was on about £2500 a year (working in the West End as a theatrical manager at that time), and the p/e ratio was therefore around 3. That property last changed hands in Sept 2003 for £216,000, and the current p/e in BR6 is 11.47 (average current value is £339,700 and average salary £29,610).

    Inflation is basically stripped out of this way of looking at it, and explains to me how they could afford a house in which to bring up a young family, and I cannot, even at comfortably above average earnings. :ph34r:

  7. AllSeeingEye - very good point well made.

    They always say neg equity doesn't matter if you dont have to move.

    Bloody does though if interest rates go sky high, as they will if you-know-who goes on his drunken sailor spending spree as he threatens.

    Then you can't afford the mortgage payments, and can't sell at a fraction of the debt owed.

    Bankruptcy does then look the painless choice. I know I would (thank God I won't have to as I rent).

    All this is coming down the pike no matter what the BBC says.

  8. Still, I reckon in a couple of years time, possibly less, when things have really come crashing down smoking will start to make a return in the more outskirts of town, locals pubs. With so much else to worry about, are people really going to give a toss at people lighting up? And are landlords on the verge of going under really going to bar any people left who do so? And will they really care if they havent got the money to pay the fines anyway?

    I posted this last november on a different thread, but I think if anything what I talked about has become more urgent for the brewing industry since then:

    Since the onset of the smoking ban, the effect on pubs has been absolutely catastrophic - but don't expect to hear about it from either the media or the brewers.

    Just from personal experience, my circle of friends has almost given up pub-going altogether, even the non-smokers. Now we almost always tend to foregather at each other's homes instead. None of the non-smokers finds it any fun to go out when:

    a) their smoking friends are disinclined to join them

    B) their smoking friends are out in the beer garden in protest (affects which pubs are visited, and winter will have a further effect)

    c) the atmosphere has evaporated and the emptiness of the venue is a dampener on a previously sociable and emollient experience

    d) there is the ongoing insult of bossy notices everywhere and a sense that politicians and bureaucrats are looking over your shoulder and checking on you in your private life.

    I find absolutely no sympathy for the brewers, who went along with the purse-mouthed sociologists-gone-mad of the Labour government who pushed the measure through. The pubs essentially stabbed in the back the bread-and-butter punters of their trade: the pint-suppers and smokers and their friends, who are now gone or who sullenly down a pint and leave much sooner than before.

    The brewers, of course, after their pusillanimous collapse before left-wing authoritarianism, planned to make up the revenue short-fall by selling more food to families, further destroying the character of the traditional pub by morphing it into a cross between a Macdonalds and a kindergarten. The stupidity of this tactic will be revealed, if it is not already, when the elastic nature of discretionary spending is made plain in the coming economic downturn.

    Meanwhile, because they chose not to question the egregious charlatanry of the government's scientific evidence, the pubs are now at the mercy of the custom of all the militant non-smokers (not one of my non-smoking friends among them), who are expected to make up the shortfall of bodies at the bar, and who of course will never do so.

    The last laugh is on the brewers (and I guess on Labour at the next election), because they had another plan to flog off pub premises for the building values in a rising market after the core business inevitably fell away. That's not looking very plausible now, and I would short the brewers like mad if I had the funds.

    Another bit of England tossed away by this bunch of crooks and incompetents, and a little more of the characteristic civility and tolerance of British life spat on and ground into the dirt. It feels as if the country is under siege from these ban-happy maniacs.

    Not to mention another erosion of the free market.

    But perhaps the market will win: when the recession hits, those awful coward brewers will be hammering on the door of No.10 to demand the right to declare smoking discretionary, or risk the industry collapsing.

    Then the science might be suddenly "re-evaluated", wait and see.

  9. I regularly pass two Wetherspoons in Shropshire. At 9am you can see unkempt drunks drinking alcohol in them Clearly alcoholics and the pub is serving them the very stuff that will kill them before their time. Nuff said.

    Yeah, the trouble with pubs is that they serve alcohol.

    Don't worry, I am sure NuLab will soon sort that one out.

  10. How would 2% interest rates work? In the sense that, and am waiting to be shot down in flames here, don't governments borrow money by issuing gilts? And isn't the interest rate that gilts pay based on the base rate in some way?

    Who is going to lend the UK government money if all they are doing is paying 2% - when inflation is 5%?

    How would this work?

    I won't shoot you down in flames - it's an excellent question.

    The government depends on investors lending it money, and these investors will demand a premium for risk (especially with that moron Brown in charge and promising to spend, spend, spend). To get the new gilt issues away, the gov will need to increase premiums (discount, coupon) again and again - the rate to investors/holders of gilts will rise as the UK debt rises.

    In other words interest rates must rise the longer Labour's spending strategy is pursued; the pound will meanwhile grow weaker leading to inflationary rises and a need for more borrowing and therefore more expensive money.

    Can't remember where I read it, but my mantra for this week is: THE GOVERNMENT DOESN'T SET INTEREST RATES, PEOPLE WITH MONEY DO.

  11. I realise that I am physically incapable of listening to that awful man. I have to turn off the TV and radio whenever I hear his voice.

    The reason being that he is the personification of boredom.

    Now, as Saul Bellow pointed out, boring people is aggressive - in fact it's worse than that: it is a murderous impulse. All the evil dictators of the 20th century specialised in the terror of boredom: Stalin would force his underlings to spend boring evenings with him, while they trembled with fear lest a stray remark would catch them out and earn them their nine grams of lead. Hitler was an Olympic bore, forcing everybody to listen to his drivelling light opera records and discuss vegetarianism all night long; Castro could bore for the whole of communism with his week-long speeches - but you'd better stay awake and cheer at the end.

    But more to the point, the great philosopher Quentin Crisp believed to his dying day that "Nothing is boring except a lie," and in that he captures Gordon Brown to a tee. Brown is a black hole iof personality. Time bends as it approaches his mouth, slows down and becomes warped - hence the strange sounds that escape his lips.

    Gordon Brown lies, his every word is a lie. When he says hello, he is lying. He may not realise it but this does not excuse it. He is a bore. He is killing the economy, and he will try his damndest to kill you, too.

    It's in his nature, see?

  12. I think by a rough show of hands that Ken Clarke has it.

    They are talking about making Hague shadow Chancellor, but that won't quite do it. Hague is fine, but Clarke has been Chancellor ("No time for novices") and handed over to Brown a thriving economy that has now been utterly trashed.

    The simple symbolism and theatrics of that fact when Clarke stands up to denounce Brown in the House would be priceless and damning.

    Plus, Clarke is witty and imperturbable, and will sh!t on Brown from a great height. I can't wait.

    Edit: Clarke (sorry, Ken)

  13. Haven't posted on your "Classic Auctions" series before, tommyboy, but just like to say many thanks for your magnificent efforts - seriously, there should be a large EU grant for the service you're providing.

    I must say the properties up today on this auction and the other were almost all perfectly grotty, and I speak as one who is familar with two-up-two-downs (parents lived in one in their retirement, in Walsall - spent all their earnings bringing up us kids! - bought for £39K mid-eighties and sold for £105K in 2006 to buy a lovely bungalow by the sea in Lincolnshire for £125K, paradise by comparison).

    The 25-30K offered and rejected for these types of property still seem over-generous to my mind. The housing stock of this country is bloody awful a lot of the time, ain't it?

    Anyhow, many thanks again and keep up the good work.

    My prediction? Back to 1995 prices before long on much of the stock. We haven't even begun yet.

    Ahoy hoy!

  14. It would serve NuLab right if the Tories retired Osbourne temporarily to the back benches during the emergency and appointed a proper "war time consiglieri" in the shape of Ken Clark as shadow Chancellor. That would put the fear of God into Brown and Darling.

    I know Clark's problem is that he is pro-EU, but at the moment that is unimportant: they need somebody who can blow Brown out of the water. Also, Clark is after the Speaker's job, where he can happily go after the election.

    Ahoy hoy!

  15. Walked into Nationwide today and asked to transfer an isa with HBOS to them and they refused. Reason new policy they are too busy to take anymore transfers into there isa accounts..... mmmmm well make of you will but i'm f**ed off and I will withrdraw all my money from HBOS and stick it under my bed.

    Nationwide, being a Mutual, operates under strict rules about how it can lend (only on the basis of deposits - not fractional or leveraged, and that's why mutuals are allegedly so secure).

    Problem is, that means it can quickly get "full up" with funds, because there aren't enough eligible people to lend all the new deposits to quickly enough under current conditions. Mutuals cannot grow that quickly. Your money might be safe at the Nationwide, but if they can't lend out the funds in your ISA to secure a return for you, then they can't pay you any interest. Cheaper for them if you stick it under your matress (and as somebody on the forum pointed out, in a deflationary scenario, your matress pays you interest anyway!).

    At least, that's how I understand it.

    Ahoy hoy

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