Current public sentiment towards the housing market?

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Purple said:
Yes comrade, and when the revolution comes we will all have free housing anyway.
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I know you are being satirical but you touch on an interesting point.

Food and shelter are two basic human needs. It would be completely immoral for the rich in society to hoard food and enrich themselves by forcing the poor to pay inflated prices. Yet this is exactly what has happened in the housing market.

We have seen a huge transfer of wealth from young to old. Ireland's young have been completely shafted by their selfish elders who consider they have a divine right to grab as much property as they can with their borrowed money.

A crash in the housing market is exactly what today's university generation needs if they will ever have a chance of living the sort of life their parents take for granted.
 

is it not a bit ironic that this very same generation is now having to subsidise the children by way of deposits and guaranteeing loans!

talk about pyramid schemes!
 
Debtwish said:
Food and shelter are two basic human needs. It would be completely immoral for the rich in society to hoard food and enrich themselves by forcing the poor to pay inflated prices. Yet this is exactly what has happened in the housing market.
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This is more than a touch dramatic and panders to Chavez socialists who would like to see virtually every market placed under government control.

Rich people didn't "buy up all the houses" and then force the poor to pay inflated prices for them, that doesn't even make any sense.

People, rich and less well-off alike, happily indebted themselves while affordable rental accommodation was available.

Very few people have ended up homeless in this country simply because they are unable to afford to buy a house.
 
[broken link removed](Irish Times)

"... Germany's economic "wise men" are expected to round up their economic forecasts for 2006 and 2007 to between 2.3 and 2.4 per cent in their autumn report tomorrow. ..."
 

A serious crash would leave behind it a bankrupt country with little in the way of indigenous employment - emigration would once again be the only option. The construction industry, banking, restaurants, bars, mortgage brokers, estate agents, almost any company that did not derive the lion share of it's revenues from exports would be severly negatively affected (local software companies, insurance firms, travel agents etc, etc). The public sector would be decimated.
 



and the downside?
 
Purple said:
The price of a house has shag all to do with a fair day's work. It is a reflection of what people are willing to pay for it
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In the final analysis everything must come back to wages,it is the fundamental that drives everything else.We are on a credit binge at the moment that is why wages have become detached from house prices, however a nation can only borrow so much then it hits the wall. See the USA,this is where we are going.


Is this not the road we are already on,do you think the construction industry can be sustained indefinitely ?
 

The above house is now on the market for €500,000. Thats a nice drop of €100,000 over the past couple of months.

http://www.daft.ie/searchsale.daft?id=132642&search=1
 
liteweight said:
If you or any of your friends family work in these industries, they'll be lucky to be able to afford a sleeping bag never mind all the cheap properties some hope to pick up in the event of a crash.
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Why? Surely anything that makes us more export competitive, less reliant on construction and more attractive to long-term investors is a good thing. There may be some short-term pain as the economy shifts emphasis but it will make for a more stable future.
 


I often wonder if our leaders and elites in the banking and property sectors thought much of the risks and ultimate consequences while huge short-term profits where being made, pockets were being lined and the bubble was allowed to inflate to the current comical proportions. The answer is probably not !
 
JayDub said:
The above house is now on the market for €500,000. Thats a nice drop of €100,000 over the past couple of months.

http://www.daft.ie/searchsale.daft?id=132642&search=1
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Its now at 550K on daft, oso has it gone up again?

Should we not be emailing the estate agents and papers pointing out this very shady practice and widthodoing of very important information particularly buyers.

I don't understand, if EA advertise the reduction people might reconsider buying. They could also assume the position that more drops could come but thats the market baby.
 

I'm still seeing 500K, I drove past this property last week and there are two different real estate agents TRYING to sell this property.

http://www.daft.ie/searchsale.daft?id=132642&search=1

No. 100 Ardmore Hills, Mullingar,
Co. Westmeath Detached House Region €500,000 - Finance this property from €1,954 per month *For Sale by Private Treaty5 Bedrooms, 2 Bathrooms
 

I think "short term pain" might be glossing things over here a little Debtwish. This will be brutal, even for those not involved in construction and related sectors. If the housing market goes into freefall then I think a deflationary recession is inevitable and almost nobody enjoys those (with the possible exception of those holding large hordes of cash and no debt).

Not a great environment for business growth or attracting investment either. Multinational companies like to invest in countries with expanding rather than contracting economies.
 
room305 said:
Multinational companies like to invest in countries with expanding rather than contracting economies.
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Why? Surely for a multinational choosing where to invest, an expanding European economy is more relevant than an imploding Irish economy? They're not likely to care much about the local economy if their focus is export based.
 
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