SHARP said:My questions to the bulls
Will my kids look at me in 10-15 years time in my decent sized house, wondering why they don't live in the 3,000 sq foot house their cousins are living in?
One of the problems I have with statements like this is it appears to assume that a few years ago, *everyone* could afford to buy something. They couldn't. A lot of them still can't, even more so because house prices went up so much faster than incomes did. But there's no need to criticise them for saving in the meantime. I would have assumed it was what you did up front, right?homeowner said:If you had bought a few years ago when you started saving your pile of cash you'd have a nice bit of profit built up by now in your home, in fact you'd have far outpaced your current savings. You could have sold this year to one of the suckers out there and pocketed a shed load of cash, waited for the crash and then buy back in at a muich lower price. Oh wait....you didnt buy a few years ago because you were waiting for the crash.....which never came and you're still waiting.
fatmanknows said:The beads of perspiration from those who bailed in against all logic beginnig to drip quicker and quicker.
Bring it on.......my vulture fund is in place ......won't be too long now before the first carcasses are found.
Anybody watched 'Treasure of Sierre Madre' recently. Dusted it down on the video shelf the other day. Cracking View. Human nature does'nt change much down the years.
SHARP said:My questions to the bulls
Will my kids look at me in 10-15 years time in my decent sized house, wondering why they don't live in the 3,000 sq foot house their cousins are living in?
Calina said:One of the problems I have with statements like this is it appears to assume that a few years ago, *everyone* could afford to buy something. They couldn't. A lot of them still can't, even more so because house prices went up so much faster than incomes did. But there's no need to criticise them for saving in the meantime. I would have assumed it was what you did up front, right?
Just to clarify the immigrant issue as I think this will be a big talking point in the future. In my opinion there are two broad categories of immigrants in Ireland. The first are EU nationals (Eastern European mainly) who have the option of moving to another EU country in search of greener pastures. Then there is the second category, Non EU nationals who are largely on work permits, work visas etc and who cannot change jobs or country that easily. These are the people who have increasingly bought into the housing bubble in recent years. These immigrants will have no appetite for selling up and leaving at a loss. Secondly many of these immigrants are here with a view of staying permanently or at least until they are granted citizenship. This is where I think we will have a real problem.CelloPoint said:Slightly off topic, I know, but this is somthing that David McWilliams is predicting - the blame game will go on for years whether it's against immigrants, the government, the banks, estate agents, politicians, landlords etc.
Immigrants just won't put up with it, and they'll move to the next building site (along with young Irish people).
homeowner said:If you had bought a few years ago when you started saving your pile of cash you'd have a nice bit of profit built up by now in your home, in fact you'd have far outpaced your current savings. You could have sold this year to one of the suckers out there and pocketed a shed load of cash, waited for the crash and then buy back in at a muich lower price. Oh wait....you didnt buy a few years ago because you were waiting for the crash.....which never came and you're still waiting.
walk2dewater said:You sound a little smug my friend. The next installment on the roller coaster is fear.
fatmanknows said:Don't worry about me..........the This post will be deleted if not edited to remove bad language will be right of it before I'll be penning any cheques.
Irish Times said:US mortgage applications rose for the first time in four weeks as long-term home loan interest rates plunged to their lowest levels since March, data from the industry's main trade group showed today.
The Mortgage Bankers Association (MBA) in a statement said its seasonally adjusted index of mortgage application activity for the week ended August 4th rose 4.9 per cent to 553.3 from the previous week's 527.6.
Borrowing costs on 30-year fixed-rate mortgages last week averaged 6.45 per cent, down from 6.62 per cent in the previous week and the lowest since the week ending March 24th.
"The worst of the housing market is behind us," said Richard Yamarone, chief economist at Argus Research in New York, before the MBA data was published.
"That's simply because the two primary drivers of housing - interest rates and demographics - are improving."
homeowner said:You are very quick to call people suckers and point out how clever you are for waiting for this crash.
I dont think its smug of me to point out that you have placed yourself at a disadvantage by sitting on cash that is depreciating in value as inflation and house prices rise faster than you can save.
Dont dish it if you cant take it.
whathome said:I wonder if Irish people played too much Monopoly as children
The general rule was buy as many streets as you could as quickly as possible - well apart from Kimmage or Crumlin. Just as now, nobody paid attention to rental yield. Everyone wanted Shrewsbury Road which had an 8% yield as a site only! Grafton St paid 8.75%
Poor old Kimmage and Crumlin - if you were stuck with them, you could make them scary with a hotel or two.
Did anyone ever pay attention to yield in Monopoly? No
Did prices ever drop in Monopoly? No.
We learned about property by playing a game that was flawed! I blame Monopoly.
Bedsit said:I guess everything is hunky dory again!!
Bedsit said:US mortgage market rebounds on brighter outlook
[broken link removed]
I guess everything is hunky dory again!!
walk2dewater said:Im talking about the current round of sheep getting fleeced to prop up the pyramid. I make no bones about calling buyers at todays prices "suckers" or "saps"; what else do you call a buyer who borrows x10 their salary to buy something thats gone up x3 in price in <10yrs?
Astute?
Duplex said:Good analogy, but in Monopoly the supply of streets is fixed, as is the supply of money and the number of participants. In the 'Adult' version these constants are variable and cyclical.
This is assuming that there will be no downturn in the employment sector. One has to remember that a large number of the jobs created in recent years have been property related such as in retail, banking, law firms etc. Many of these jobs will disappear along with the property boom.homeowner said:Also I would like to point out that people under the age of say 26 who bought at their currently salary will most likely see a large increase in their salary as they progress in their careers and double incomes when they move in with someone, so what might seem like a huge multiple of salary now will not be so big in 5-10 years time. In fact those people will be in the best position for clearing their mortgages off much earlier.
whathome said:I wonder will the government issue "Get out of jail FREE" cards.
Winning £10 in a beauty competition was my favouriteThank God for Community Chest!
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