Thursday, February 18, 2010

CML think it willbe like 1990s – except HPC of course

Spectre of repossession ‘will loom for years’

The bit that just shows the balls-out home ownerist "inflation is good" message is the two parapgraphs. The CML said that recent price gains had cut the number of homeowners in negative equity from 900,000 in April last year to 650,000. Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said: “The latest figures from the Bank of England show the cost of mortgage finance to be easing. This ... should help to continue to push prices higher for at least the next few months.” Interesting - do we read "it will fall" as a translation for at least the next few months.”?

Posted by growler @ 07:41 AM (693 views)
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One thought on “CML think it willbe like 1990s – except HPC of course

  • mark wadsworth says:

    Another great Home-Owner-Ist bit of propaganda is the whole “negative equity is bad”.

    Unless I’ve missed something, you are supposed to pay off your debts out of your regular income – house prices rises won’t pay them off for you. And again, we see a two-tier classification of debtors:

    1. The reckless, feckless credit card borrowers, students with student loans, tenants with stuff on HP who can all go hang – the bulk of whom are in negative equity because they simply don’t own a house or very much at all in the way of physical assets.

    2. The Hallowed Homeowner – however recklessly they borrowed and however much they paid – it is a tip-top priority to help inflate away their debts and/or boost the value of their assets.

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