Wednesday, July 11, 2012

HPC vigilante once again mentions the crash word

House prices may be falling but homebuyers are digging their way out of debt

House prices may be falling but homebuyers are digging their way out of debt, according to one of Britain’s biggest firms of bailiffs. Six in 10 people who had previously missed mortgage payments are now paying down their debts, according to Ascent, which would rather be called a ‘specialist debt collection agency’ than the plain English monicker I prefer.

Posted by jack c @ 11:03 PM (1436 views)
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2 thoughts on “HPC vigilante once again mentions the crash word

  • “Cynics may scoff but repossession really is bad business for lenders – and Mr Cole’s prediction two years ago that the 1990s housing slump would not be repeated has held good so far. Plenty of people who dream of snapping up bargains after a house price crash accused him of wishful thinking at that time but events since then suggest they were the ones doing the wishing while he did the thinking.”

    Schadenfraude directed at us for a change.

    Out of curiousity, I decided to look up this prediction w.r.t. the blog to see what we said at the time. It quickly became clear that Mr Cowie is a devoted recycler:

    http://www.housepricecrash.co.uk/newsblog/2011/08/blog-hpc-cancelled-34486.php :

    “Cynics may scoff but repossession really is bad business for lenders – and Mr Cole’s prediction a year ago that the 1990s housing slump would not be repeated has held good so far. Plenty of people who dream of snapping up bargains after a house price crash accused him of wishful thinking at that time but events since then suggest they were the ones doing the wishing while he did the thinking.”

    So is Cowie a little lazy or does he really have it in for us?

    This is Cowie’s 2010 article concerning the original prediction by Adrian Coles:

    http://blogs.telegraph.co.uk/finance/ianmcowie/100007280/four-reasons-the-1990s-housing-slump-will-not-be-repeated/

    The comments are not bad considering what actually happened subsequently. I cannot find a specific posting concerning Adrian Cole’s prediction on the blog at the time but our sentiment at the time could probably be fairly summarised as sceptical.

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  • mark wadsworth says:

    QG, fair play to the Red and Blue Wings of the Home-Owner-Ist Movement, so far they have managed to defy the laws of economics and keep average* house prices very high thanks to throwing a wall of taxpayers’ money at the problem, clamping down on new builds etc. How long they can keep this going I do not know.

    * Clearly, this is a mixture of falls and gains.

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