Current public sentiment towards the housing market?

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howstrange said:
http://www.unison.ie/irish_independent/stories.php3?ca=9&si=1711932&issue_id=14803

Im a bit confused by this. House prices are slowing considerably. We have an EA on here telling us nothing us shifting. Price drops are happening everywhere... AND yet according to this article Frank Conway reckons that mortgages drawn down are up 40% in the last 3 months!!! Is it just me or is there something funny about this??
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I like the way they tack this onto the end of the article though:

Meanwhile in the US, sales of second-hand houses fell last month to the lowest level in almost three years, and prices of single-family homes suffered their greatest annual decline since at least 1969.
 
howstrange said:
http://www.unison.ie/irish_independent/stories.php3?ca=9&si=1711932&issue_id=14803

Im a bit confused by this. House prices are slowing considerably. We have an EA on here telling us nothing us shifting. Price drops are happening everywhere... AND yet according to this article Frank Conway reckons that mortgages drawn down are up 40% in the last 3 months!!! Is it just me or is there something funny about this??
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Priceless. :D

I love the arrogant, finger-wagging tone of the article. As if they are giving first time buyers a well deserved ticking-off for holding off and not buying houses. But this is my favourite bit.

Frank Conway of the Irish Mortgage Corporation said they have seen a 40pc increase in the numbers drawing down mortgages in the past three months as first time buyers (FTBs) opt to get onto the property ladder before they are priced out. He also pointed out that the House Price Index is skewed by auction prices which are not reflective of the market at large.
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I don't remember any compliants about the structure of the House Price index when prices were rising at stellar rates. Do you? :rolleyes:
 
Debtwish said:
I don't remember any compliants about the structure of the House Price index when prices were rising at stellar rates. Do you? :rolleyes:
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Talk about having your cake and eating it... auction results through the roof = buoyant market. auction results through the floor = not representative.
It would be funny if it wasn't so sad...
 
howstrange said:
Im a bit confused by this. House prices are slowing considerably. We have an EA on here telling us nothing us shifting. Price drops are happening everywhere... AND yet according to this article Frank Conway reckons that mortgages drawn down are up 40% in the last 3 months!!! Is it just me or is there something funny about this??
Click to expand...

The mortgages are not to buy Irish properties but by investors and immigrants to by foreign properties
 
howstrange said:
http://www.unison.ie/irish_independent/stories.php3?ca=9&si=1711932&issue_id=14803

Im a bit confused by this. House prices are slowing considerably. We have an EA on here telling us nothing us shifting. Price drops are happening everywhere... AND yet according to this article Frank Conway reckons that mortgages drawn down are up 40% in the last 3 months!!! Is it just me or is there something funny about this??
Click to expand...

I love the way too the big headline is "House prices up 13%". I think this was talked about earlier on the thread that when prices are starting to decline, they will start displaying the overall yearly figure! You will have to read the smalll print to see hwat is actually happening!
 
Andy Doof said:
I guess it all depends on your agenda...speaking as a homeowner and as an investor I would prefer to see a soft landing. The bears who are dumping their properties want to see a crash. The soon to be first time buyers want to see a crash, or do they? Perhaps the thought of their massive inheritance not being so massive is a greater influence...
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Tell me think, the value of my parents house goes down, so my inheritance goes down and my inhertitance tax goes down, hum. I live there or rent it and in a few years when the next wave of egar buyers comes around I sell it for an inflated price and retire to the sun.

Potential FTBs want the crash.
 
No acceptance that this market was a speculative bubble by much of the media then. Corporal Jones like exclamations of 'Don't Panic Don't panic' while hopping about in aah... well.... a panic, are frankly contemptible. It was a bubble, it no longer is a bubble its a normal market, i.e. a market driven by fundamental supply and demand.
 
ajapale said:
Yes, by the time I read the taxi driver side show above the debate was back on track. It could also be agrued that taxi drivers influence and reflect public sentiment. They might even be today's equivalent of the shoe shine boy of the late 1920's.

Please try to avoid posting little fragments of unattribted figures with out commentary or analysis.
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A 20% rise in inventory in one suburb in 2 weeks to me is not an unattributed fact and is a major factor in the weakening in the market.

But I'll keep those figures to myself from now on then.
 
phoenix_n said:
A 20% rise in inventory in one suburb in 2 weeks to me is not an unattributed fact and is a major factor in the weakening in the market.

But I'll keep those figures to myself from now on then.
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Have to agree with Phoenix here. for regular readers the updates are informative and supportive of the (growing) consensus that supply is rapidly escalating - due to changes in 'current sentiment'...
 
Let's have a bit of balance here...of course the brokers have an agenda.
But prices increased 0.7% nationally last month and rose by 1.7% in Dublin, the second highest increase in the last year.
And we're in the mouth of Christmas...who chooses to move house then?
Some crash...yeah, totally spectacular man!
 
Hi

Just thought i'd throw my two cent in (well, if i had 2 cent after buying my first home). I have bought an appartment in what seems to be Dublin’s new mass development area of carrickmines, paying almost 500,000 for a large 2 bed apt (900 sqft, with excellent views). With limited knowledge of the housing market I bought this in the first quarter of this year as prices were still rising & I was of the opinion that I better buy now before prices go up any further.
Now, being an apt, I plan upgrading to a larger house within 5 years & hoped by buying in this area would supplement the extra finance needed for the upgrade. Since buying, the luas has been confirmed for 2010, superquinn, dunnes & other stores have decided to open in the area and there seem as to be many other projects (eg 5 star hotel, bars, crèches) of interest to buyers in the pipeline.
My question here is do other posters think I would be able to sustain my 500, 000 should the bubble burst or as it will be, in my opinion, a great place to live in the coming years should I still expect some level of growth. I know this a “how long is a piece of string” type question but surely areas such as this & possibly newbridge where infrastructure is increasing along with property development, house prices should at least keep their value.
 
plaudit said:
I like the way they tack this onto the end of the article though:

Meanwhile in the US, sales of second-hand houses fell last month to the lowest level in almost three years, and prices of single-family homes suffered their greatest annual decline since at least 1969.
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Yes good one Edel. She's probably obliged to report unfiltered hype from various property charlatans-on-the-make.

..But managed to slip in a wake-up call as the last word.
 
Andy Doof said:
Let's have a bit of balance here...of course the brokers have an agenda.
But prices increased 0.7% nationally last month and rose by 1.7% in Dublin, the second highest increase in the last year.
And we're in the mouth of Christmas...who chooses to move house then?
Some crash...yeah, totally spectacular man!
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AGAIN these figures are 3/4 months at least out of date as they are based on when the mortgages are drawn down!!
 
ajapale said:
Yes, by the time I read the taxi driver side show above the debate was back on track. It could also be agrued that taxi drivers influence and reflect public sentiment. They might even be today's equivalent of the shoe shine boy of the late 1920's.
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Hey! Taxi drivers are not akin to shoe-shine boys! I'll bet your average driver makes more money than your average professional multi-national worker. You're right though about the sentiment - taxi men could be a good guage of what people are thinking, considering they talk to people from all walks of life on a daily basis. For example, I had a woman in the back there a few days ago - she was telling me she just got the papers from the bank to sign up for a mortgage (the personal details people tell you never ceases to amaze me! it's like we're an anonymous counciller who you can tell anything to...). Anyway, I told her I would play devil's advocate and basically that she'd be a fool to buy in 2006. Without breaking the woman, I recommended her to look at this thread at least before signing on the dotted line.

Read that article in today's Indo too. Looks like gloss paint on a well rotten door to me. Not sure if that door will survive the winter...
 
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