Wednesday, December 6, 2006

HPI party’s over in Ireland, ha ha

The 'holy grail' of falling house prices could put lots of us in negative equity

Brendan O'Connor has written one of the most selfish articles I've ever seen. For those who don't know, he's an Irish journalist who must have bought a house recently judging by the tone of this piece.

Posted by tara747 @ 10:35 AM (471 views)
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2 thoughts on “HPI party’s over in Ireland, ha ha

  • Well I can take his point, if I may summarize, about how a “first time buyer” succeeds in purchasing and then seamlessly joins the ranks of greedy slime equity-rich homeowners who deserve to lose all. However, the clarify a point, I don’t think it is such homeowners that sites such as housepricecrash are opposed to. It’s a lending policy spurred on by a heedless government and immoral banking practises, which the financially unschooled are prepared to accept unquestioningly. And we are raising the questions associated with all this wild and unbridled money lending. In a world of record numbers of IVAs for which we as a society will all be charged, we are sick and tired of this unbalanced and unhealthy economic environment, with the full knowledge that the required medicine will probably punish all of us — but soon or late WILL be administered, either by choice or by the law of averages. How about taking the necessary remedy before the corpus collapses entirely?

    One thing I don’t agree about, however, is O’Connor’s statement that Dublin has the worst and most pot-holed capital city roads on earth. That honour, I’m afraid, goes to Edinburgh, Scotland where the asphalt crevices and caverns create thrilling moments usually reserved for off-roading and moto-cross.

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  • “The rest of us meanwhile, partly in order to pay this stamp duty, are wrestling with the highest levels of personal debt in the Eurozone. It used to be that the average person’s level of debt would be less than their annual income. In recent years, because of house prices, the average person’s debt has become twice their income. In the past year alone, mortgage debt here has increased by a quarter.”

    This reflects the Irish ‘obsession’ of owning land but it also indicates that people maybe borrowed too much to buy houses at over inflated prices when interest rates were low. What goes around comes around and quite often bites you on the backside.

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