Current public sentiment towards the housing market?

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Maine said:
http://news.bbc.co.uk/1/hi/business/6041460.stm

This will give some confidence to US consumers to continue to spend as it reduces the threat of tax increases. If that happens US interest cuts will happen at a far slower pace.

Softer landing in US could equal better growth in EU could equal ECB continuing to raise rates in 2007.
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Or in other words:

Soft landing in the US = ECB rates of 4.5% by Q12008 = we're screwed.

Recession in US = quarter of economy in trouble = we're screwed.

All down to appalling mismanagement, lack of vision, gombeenism and economic illiteracy on the part of this Government for the last 9 years. All this was avoidable, if they had the vaguest clue what they were doing.
 
Afuera said:
And why don't you factor in all the money being earned in Ireland and then sent home to Eastern Europe then as well while you're at it?

His predictions of inflation at 3.9% in Ireland (almost twice the recommended rate by the ECB) aren't exactly going to encourage them to go easy on increasing their rates further.
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Wow there buddy! 3.9% is almost twice the recommended rate? So if a slow down NOT A CRASH did happen how long at the recommended rate of inflation would it take for wages (going up inline with inflation) to reach more normal house price to wage ratios?!

Would it not be impossible to get figures for the money being sent abroad as mentioned above? i.e to determine if its a drop in the ocean or tsunami etc


Sidewinder said:
Or in other words:

Soft landing in the US = ECB rates of 4.5% by Q12008 = we're screwed.

Recession in US = quarter of economy in trouble = we're screwed.
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ah yes the damned if we do damned if we dont syndrome!

http://en.wikipedia.org/wiki/Irish_property_bubble lol its on Wiki!
http://en.wikipedia.org/wiki/Japanese_asset_price_bubble
bear in mind that I dunno how reliable those links are
 
edo said:
Officially About 18-20% in 2004 - accounting for 1.9% of total US imports.

This doesn't count Multinational "internal company transfers of capital equipment ,raw materials and the like" - which seeing as 87% of our total exports are produced by 4 US Multinationals - Id say it would realistically be somewhere around 22/24%.
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What % of this % is Viagra from Pfizer in Cork
 
Afuera said:
I'm not talking about earning cash in Ireland so they can buy property at home. I'm talking about the huge amount of cash that is flowing out of Ireland annually to support families back in Eastern European countries, otherwise known as remittances.
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I always thought this was negligible,yet i'm in the post office the other day to pay an Esb bill with 5 people in front of me,3 of them western union money off to the congo no less and the other 2 mail money off to poland.I'd love to know exactly how much money is getting sucked out of the irish economy every week,if you have worked for it fair enough but i get the impression irish taxpayers money is being spread across the globe.I know the lefties love it,but do we have to keep the whole world going !.
Anyone here from western union that could throw a figure our way ?
 
thewatcher said:
I'd love to know exactly how much money is getting sucked out of the irish economy every week,if you have worked for it fair enough but i get the impression irish taxpayers money is being spread across the globe.I know the lefties love it,but do we have to keep the whole world going !.
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Ah, there's nothing like a spot of casual racism. It would seem to me that if anyone is misappropriating Irish taxpayer's money it's the politicians & their cronies. I've had Polish guys working on my house, Chinese women in to do cleaning, and they all worked non-stop at jobs I couldn't even find an Irish person to take. If people are sending money home I would assume that they worked for it and saved up.

And I would hardly say that the Irish economy is "keeping the whole world going." !!!
 
Anyone remember this house?
[broken link removed]

Can't seem to find any price in google's cache about it. It was on the market in spring.
 
A Very interesting and worrying article from newsweek. Samuelson is one of those commentators who I would see as the more level headed - less excitable types - He 's normally on the money too.




http://www.msnbc.msn.com/id/15178131/site/newsweek/
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Good Lord - if a housing "crash" is going to put a large diversified economy like the US into recession - you'd really really have to fear for us here. Its not the direct loss in monetary "value " thats the problems - its going to be the loss of confidence - thus reduced consumer spending and borrowing - thus jobs losses - thus increased insecurity - thus more reduced spending..............................and so the spiral will go until we hit the bottom .

When the US sneezes........................we normally get the cold 6-12 months later > I stand by my prediction that the latter half of next year(2007) is going to very very interesting.
 
Back to sentiment..

..heard a funny Ad on the radio this morning (newstalk I think), where an auctioneer was sounding rather lonely in a echo-y auction room asking "anyone? anyone?".

The Ad was positing the question "where have all the buyers gone?" - the Ad's answer was that they (and the SSIA crowd) were all off buying foreign property :)
 
Maine said:
Got to repsect him for what he done. But I think his comments on the dot com and housing bubbles need to be looked at from perpective that he on top while both happened.
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Respect him for what he has done? Alan Greenspan should be remembered for what he is - one of history's greatest monsters.
 
room305 said:
Respect him for what he has done? Alan Greenspan should be remembered for what he is - one of history's greatest monsters.
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Yup, he dealt with the bursting of one bubble (tech), by inflating another (potentially far more dangerous) bubble, housing.
 
soma said:
Yup, he dealt with the bursting of one bubble (tech), by inflating another (potentially far more dangerous) bubble, housing.
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Greenspan is right the collapse of communism has allowed the utilization of cheap labour on an unprecedented scale. i.e. globalisation. Cheap labour means cheap goods and low inflationary pressures which allows central bankers cut interest rates to low single digits for long periods. But cheap labour places a cap on wage inflation globally so while borrowing money is cheap the cost of repaying the money is not eroded by wage inflation. Globalisation is unstoppable we have benefited from it as a nation and other nations will benefit from it as well.

PS

It means that valuing an Irish house at 150-175 times the average Chinese wage is folly and unsustainable folly, which is worse.
 
soma said:
Yup, he dealt with the bursting of one bubble (tech), by inflating another (potentially far more dangerous) bubble, housing.
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As a popular bumper sticker in the US has it:

"Please God, just one more bubble."
 
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conor_mc said:
Posted this a few weeks back....

According to this article http://www.unison.ie/irish_independe...issue_id=14664 there are 30,000 Latvian immigrants in this country sending €300m home every year.

That's an average of €10k per person.
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There are over 200,000 Polish immigrants here, if they also sent an average of €10k per person, thats €2B. I'd guesstimate the ascension countries immigrants are sending back over €3B/year.
 
whathome said:
Flippin' Stillorgan...

These just keep getting cheaper!

Developers Price €590,000:
[broken link removed]=

This one has been for sale for months now. Miju even made that controversial call about it, the price had been reduced from €575,000 to €560,000
http://www.daft.ie/searchsale.daft?search=1&selected_agent=&id=84285&s[agent_id]=218&s[p]=upsvvwrp

And the latest one (appeared today) is €550,000
[broken link removed]
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Anybody care to explain this when the price is €550,000, "NO STAMP DUTY FOR QUALIFYING OWNER OCCUPIERS".
 
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