Realistbear Posted August 10, 2007 Share Posted August 10, 2007 http://www.metro.co.uk/news/article.html?i...amp;ito=newsnow Flood homes face repossession Thursday, August 9, 2007 Homes to be taken back by banks?Victims of this summer's flooding face having their homes repossessed, a charity warned. Many of those affected will struggle to keep up with their mortgage repayments, Citizens Advice said. To ease the suffering, it called on lenders to give homeowners who are still out of their damaged properties a payment break. It won't just be flood victims--how about the victims of the financial markets crash? City types who rely on M&A actvity that is drying up for example? How are they going to make theior payments in the weeks and months ahead? Quote Link to comment Share on other sites More sharing options...
Solvent Celt Posted August 10, 2007 Share Posted August 10, 2007 http://www.metro.co.uk/news/article.html?i...amp;ito=newsnowFlood homes face repossession Thursday, August 9, 2007 Homes to be taken back by banks?Victims of this summer's flooding face having their homes repossessed, a charity warned. Many of those affected will struggle to keep up with their mortgage repayments, Citizens Advice said. To ease the suffering, it called on lenders to give homeowners who are still out of their damaged properties a payment break. It won't just be flood victims--how about the victims of the financial markets crash? City types who rely on M&A actvity that is drying up for example? How are they going to make theior payments in the weeks and months ahead? Shouldn't "city types" be sitting on huge bank accounts & savings or am I being naive? Quote Link to comment Share on other sites More sharing options...
sirius Posted August 10, 2007 Share Posted August 10, 2007 city types will likely be up to their eyeballs in debt as they felt that it was easily paid off with their next bonus. Quote Link to comment Share on other sites More sharing options...
goonboy Posted August 10, 2007 Share Posted August 10, 2007 that is drying up for example? Was that intended? Quote Link to comment Share on other sites More sharing options...
Solvent Celt Posted August 10, 2007 Share Posted August 10, 2007 city types will likely be up to their eyeballs in debt as they felt that it was easily paid off with their next bonus. Ha! Mugs! Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted August 10, 2007 Share Posted August 10, 2007 -Many of those affected will struggle to keep up with their mortgage repayments, Citizens Advice said. well they should have thought "can we afford insurance AND this nice house ?" and if not, they should have not bought. i dont want to 'bale' out flood victims with my taxed earnings while i cant afford my own home. im not here to provide reassurance for those who took financial risks - and lost. Quote Link to comment Share on other sites More sharing options...
sossij Posted August 10, 2007 Share Posted August 10, 2007 Shouldn't "city types" be sitting on huge bank accounts & savings or am I being naive? I should imagine most of it has gone up one or both nostrils. They'll need what's left for a new septum and/or aluminium bridge. Quote Link to comment Share on other sites More sharing options...
conifer Posted August 10, 2007 Share Posted August 10, 2007 (edited) Although I don't think a house price crash in the very near future is imminent, all the ducks are lining up to increase the likelihood. Rising reposessions (as in topic heading) for whatever reasons Rising interest rates Supply catching up with demand (still lots of building going on everywhere) BTL becoming uneconomic? US housing market in trouble Add to that current share falls, although it's always possible they could rebound And if foot and mouth spreads, agriculture and the rural economy will suffer. The tipping point could be a downturn in manufacturing and service sectors leading to redundancies, short time working and insecurity. There are many reasons why people decide not to buy a house but there are really only two reasons why people decide to buy one - either to live in it or as an investment. Edited August 10, 2007 by conifer Quote Link to comment Share on other sites More sharing options...
Realistbear Posted August 10, 2007 Author Share Posted August 10, 2007 Although I don't think a house price crash in the very near future is imminent, all the ducks are lining up to increase the likelihood.Rising reposessions (as in topic heading) for whatever reasons Rising interest rates Supply catching up with demand (still lots of building going on everywhere) BTL becoming uneconomic? US housing market in trouble Add to that current share falls, although it's always possible they could rebound And if foot and mouth spreads, agriculture and the rural economy will suffer. Apart from immigration there are no positives left out there for Gordon's HPI-MEW-BTL miracle. And according to recent surveys immigration is now the number one concern--most of us want it to stop. Quote Link to comment Share on other sites More sharing options...
Jay76 Posted August 10, 2007 Share Posted August 10, 2007 (edited) Apart from immigration there are no positives left out there for Gordon's HPI-MEW-BTL miracle. And according to recent surveys immigration is now the number one concern--most of us want it to stop. Hence the (likely) early election, before old Lockjaw's miracle goes completely tits up. Edited August 10, 2007 by Jay76 Quote Link to comment Share on other sites More sharing options...
joey Posted August 10, 2007 Share Posted August 10, 2007 (edited) Shouldn't "city types" be sitting on huge bank accounts & savings or am I being naive? If you apply the 80:20 rule 80% upto eyeballs in debt 20% OK. It will be the newbies who have only experienced prosperity, easy cash and never ending boom. Its the people who remember the last crash and recession who will have a nice nestegg to get over the oncoming crash and recession. Remember 1988 no sniff of recession, never ending property boom spend spend spend. Edited August 10, 2007 by joey Quote Link to comment Share on other sites More sharing options...
sossij Posted August 10, 2007 Share Posted August 10, 2007 Apart from immigration there are no positives left out there for Gordon's HPI-MEW-BTL miracle. And according to recent surveys immigration is now the number one concern--most of us want it to stop. Hmmm... you were quite happy to be a migrant worker in the US several years ago. Stop complaining now the shoe is on the other foot. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted August 10, 2007 Author Share Posted August 10, 2007 Hmmm... you were quite happy to be a migrant worker in the US several years ago. Stop complaining now the shoe is on the other foot. Although British, I was a permanent resident in the US and had no automatic right of abode such as any citizen of any EU country has here. The US has a lot of space, we don't--we are already overcrowded. Quote Link to comment Share on other sites More sharing options...
sossij Posted August 10, 2007 Share Posted August 10, 2007 Although British, I was a permanent resident in the US and had no automatic right of abode such as any citizen of any EU country has here. The US has a lot of space, we don't--we are already overcrowded. Go back then. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted August 10, 2007 Author Share Posted August 10, 2007 Go back then. Why should I--I was born here and my ancestors were Celts and here long before the Saxons and Vikings arrived uninvited! :angry: Quote Link to comment Share on other sites More sharing options...
ScaredEitherWay Posted August 10, 2007 Share Posted August 10, 2007 City types who rely on M&A actvity that is drying up for example? How are they going to make theior payments in the weeks and months ahead? By trying to sell their second homes/holiday homes. . . into a market where the only buyers would have been people like themselves... and the only potential buyers left are locals who can only scrape together a £35k mortgage. Quote Link to comment Share on other sites More sharing options...
Fudge Posted August 10, 2007 Share Posted August 10, 2007 Front page of Northampton Chon and Echo today Homes Misery on Way 2 Repossessions per day in County, and going to get worse. Local EA very sympathetic, said borrowers should not have stretched themselves :angry: Quote Link to comment Share on other sites More sharing options...
adren Posted August 10, 2007 Share Posted August 10, 2007 Front page of Northampton Chon and Echo todayHomes Misery on Way 2 Repossessions per day in County, and going to get worse. Local EA very sympathetic, said borrowers should not have stretched themselves :angry: In other news - Heroine dealer brings flowers to OD'd junkie's funeral, offers condolences. Family less than amused. Quote Link to comment Share on other sites More sharing options...
Realistbear Posted August 10, 2007 Author Share Posted August 10, 2007 Was that intended? Pun not intended. But the idea of floods leading to more reposessions has caused insurers to be awash with claims that began with a trickle and ended with a tidlewave as staff barely kept their heads above water under the deluge of work. Quote Link to comment Share on other sites More sharing options...
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