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Property repossessions 'lowest since 1980'


Wayward

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HOLA444
4 hours ago, longgone said:

when you can print money ? infinitely

 

4 hours ago, Bruce Banner said:

Big mistake not joining the Euro.

How was not joining the Euro a mistake?

The ECB have recently printed 1.5 trillion. But this have been of limited (no?) benefits to the Greeks who were denied a voice in their own financial planning ...

Edited by Aidan Ap Word
Punctuation.
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40 minutes ago, crashbaby said:

Well, when you sell something for debt Greece sold their country out for debt they lost control over it and they chose to give someone else control. I just with the lesson would catch on already.

Corrected?

If I am anywhere near correct on my interpretation then I will be very glad when we have a formal legal split between us and the 1.5 trillion euros of debt.

The ECB has sold Europe out for debt (in order to maintain confidence in the emperors clothes) - even Mr Juncker will battle for control, I think.

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3 hours ago, Aidan Ap Word said:

 

How was not joining the Euro a mistake?

The ECB have recently printed 1.5 trillion. But this have been of limited (no?) benefits to the Greeks who were denied a voice in their own financial planning ...

Because having a currency, Sterling, and a central bank, provided successive governments with the tools to create and maintain the current housing bubble.

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3 hours ago, Riedquat said:

You'd prefer those tools to be in the hands of the even more distant and unaccountable?

They're as unaccountable to Brits as Sterling is to Scots. Control is shared among all the people using it, and convincing 28 countries to "print baby print" is not as easy as convincing one. Even if you want to reduce it to the representatives, it's not like Carney/Osborne/Hammond are held in high esteem around here. At least I'm not aware of the EU doing anything like TFS/FLS/etc

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4 hours ago, Riedquat said:

You'd prefer those tools to be in the hands of the even more distant and unaccountable?

I most certainly would, if it takes them out of the hands of the likes of Blair, Brown, Cameron, Osborne, May, Hammond and, perhaps, Corbyn.

Blowing asset bubbles in individual member states is not what the EU is about.

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18 minutes ago, Bruce Banner said:

I most certainly would, if it takes them out of the hands of the likes of Blair, Brown, Cameron, Osborne, May, Hammond and, perhaps, Corbyn.

Blowing asset bubbles in individual member states is not what the EU is about.

Get people like that in the upper reaches of the EU and you'll just have the same thing at a larger scale, blowing up bubbles across the continent.

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16 hours ago, Riedquat said:

You'd prefer those tools to be in the hands of the even more distant and unaccountable?

I'd prefer the market to decide on interest rates. People (or banks/businesses) who want to save will chase the highest rate and those that want to borrow will chase the lowest rate. That way you get the optimum rate.

The problem with central banks setting rates is that it sends the wrong signals to the economy if they don't get it right. However, they deliberately don't get it right but call it 'stimulating' the economy. This is where the distortions and bubbles come from. A low rate suggests there are a lot of people with savings, i.e. deferred spending power, when there isn't. Further, it allows people to get into huge debt due to the low borrowing costs. QE amplifies these false signals.

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The factors leading to a repossession are cumulative though arnt they rather than a bolt from the blue ?  I wasn't old enough to have been directly affected by the 90s crash but i believe high interest rates had sapped the finances and will of the over indebted for a few years before it all tipped. My father told me interest rates going over ten percent nearly killed him. 

During the last financial crisis although repos were comparatively low they did happen. I went looking at low end stuff to live in myself during that time, two bed terraces 90 grand and below in the north west. Quite a few were repos, you could just tell they were not all buy to let. People at this level suffered more than those higher up the property chain(people with much higher mortgage but higher income) , as emergency rates came too late to save them. Building work dried up and a lot of the OU in such properties would have relied on that. 

The difference now, is the mortgage payments for most are far more comfortable. Or  am i mistaken in this? 

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3 hours ago, nothernsoul said:

The factors leading to a repossession are cumulative though arnt they rather than a bolt from the blue ?  I wasn't old enough to have been directly affected by the 90s crash but i believe high interest rates had sapped the finances and will of the over indebted for a few years before it all tipped. My father told me interest rates going over ten percent nearly killed him. 

During the last financial crisis although repos were comparatively low they did happen. I went looking at low end stuff to live in myself during that time, two bed terraces 90 grand and below in the north west. Quite a few were repos, you could just tell they were not all buy to let. People at this level suffered more than those higher up the property chain(people with much higher mortgage but higher income) , as emergency rates came too late to save them. Building work dried up and a lot of the OU in such properties would have relied on that. 

The difference now, is the mortgage payments for most are far more comfortable. Or  am i mistaken in this? 

I'm not sure how comfortable people are. I think it's hand to mouth stuff with car repayments and credit card payments factored.

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