'we've Been Driven To The Brink Of Ruin - By The State

[gf3]

I don't know venger. I can get quite hot under the collar when I hear about IDS's family getting millions in farm subsidy and bankers and their million pound bonus for wrecking the country. I can't get worked up about a 70 year old couple living in a £120,000 house in a part of the world where most people wouldn't want to be seen dead.

I have to see bigger fish fall to get any pleasure

[Venger]

If it's an area most people wouldn't want to be seen dead, then I have big problems that they're trying (were trying) to sell it for £130,000+ (later £120,000+).

That's a lot of money.

Repos and more stock coming to market, from those who must sell, creates market value discovery. Triggering more seller activity from other owners, coming to market, before prices fall further.

Let's just assume JOTT identified house correctly (with very little info to go on) - can see such houses in that postcode were selling for £60K band pre

http://www.rightmove.co.uk/property-for-sale/property-39292142.html

£65,000 Semi-Detached, Freehold 27 Mar 2002
£60,000 Semi-Detached, Freehold 10 Dec 1999

Don't know the area but you might get some house-proud sensible younger people moving there and making a go of things, new life, with money to spend on other things in the economy and on their families and to generally make for a happier area, if it were priced at £60,000 (or less). Who would actually buy and take repayment for the longer terms seriously... not just pay the interest. Not some crying for those in their 70s, same type of house, riddled with debt.

Their only means of settling the £64,000 loan by the due date of July 2014 will be to sell their home. The three-bedroom house in Burton upon Trent, Staffordshire, has been on the market for months without attracting much interest and they recently slashed the asking price from £134,950 to £122,500.

As it is, there's not much on the market in a 1/2 mile search. I don't see why it's best to lock in HPI and prevent value discovery rather than repo - we've already got 0.5% rates and new frenzy of buyers to make supply even worse.