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The Economy : Any one else starting to get very worried ?

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    #92
    mariaalice
    Registered Users Posts: 12,451 ✭✭✭✭mariaalice


    mahoganygas wrote: »
    The alternative is for the mortgage holders to hold onto these properties (at a loss to the bank) until there is some magical upturn in the market.

    That is speculation on behalf of the banks. Back to the old days. No thanks.

    There has been a up turn in the market a very large one in some areas.

    I am not saying there were not some idiots out there, there was a woman on the radio... in her thirties still calling her parents mammy and daddy, some where in Tipperary or the like who had paid for house she could not afford with the help of the same mammy and daddy and now wanted someone else to sort it out for her.


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    #93
    Cee-Jay-Cee
    Registered Users Posts: 12,235 ✭✭✭✭Cee-Jay-Cee


    The Rape of Lucretia wrote: »

    Anyone else starting to get nervous about all these 'positive' economic notices ?

    No because my pay us still lower than it was in 2010, prices in general have all risen so there may be a boom but not in my fcuking house.


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    #94
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    mahoganygas wrote: »
    The alternative is for the mortgage holders to hold onto these properties (at a loss to the bank) until there is some magical upturn in the market.

    That is speculation on behalf of the banks. Back to the old days. No thanks.

    A steady repayment on a marginal loss making mortgage is a hell of a lot better than a repossession and subsequent resale at a 50% write-off.


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    #95
    mahoganygas
    Closed Accounts Posts: 1,488 ✭✭✭mahoganygas


    mariaalice wrote: »
    There has been a up turn in the market a very large one in some areas.

    The market has been very volatile for the past few years. Every quarter we are getting valuations which are way out of kilter with economist's predictions. Both up and down.

    The market needs to settle and stay settled before we can make any judgement.

    Personally I would be very reluctant to buy a house in Dublin in the next 6 months.


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    #96
    maudgonner
    Registered Users Posts: 5,455 ✭✭✭maudgonner


    smash wrote: »
    Were mortgage holders bailed out? I must have missed that one.

    There's have been write downs, not that many, granted.

    But there have also been a huge number of people allowed to remain in their homes, despite not meeting repayments for years on end, violating the terms of their mortgage. So yeah, I'd term that a bail-out.


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    #97
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    maudgonner wrote: »
    There's have been write downs, not that many, granted.

    But there have also been a huge number of people allowed to remain in their homes, despite not meeting repayments for years on end, violating the terms of their mortgage. So yeah, I'd term that a bail-out.

    Would you rather they were turfed out and contributed to the homeless crisis instead?


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    #98
    mahoganygas
    Closed Accounts Posts: 1,488 ✭✭✭mahoganygas


    smash wrote: »
    Would you rather they were turfed out and contributed to the homeless crisis instead?

    One could argue that it alleviates the homeless crisis.

    The house doesn't disappear. It's sold on/rented out.


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    #99
    maudgonner
    Registered Users Posts: 5,455 ✭✭✭maudgonner


    smash wrote: »
    Would you rather they were turfed out and contributed to the homeless crisis instead?

    For everyone 'turfed out', a house or apartment would become available for renters/other buyers.

    I'd rather that they were treated the same as people who were not relying on banks to fund their houses.


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    #100
    lawlolawl
    Closed Accounts Posts: 2,678 ✭✭✭lawlolawl


    smash wrote: »
    Would you rather they were turfed out and contributed to the homeless crisis instead?

    People turfed out of the €1200 mortgage a month house they bought and can no longer afford aren't automatically excluded from the €600 a month rental place 15 minutes down the road.


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    #101
    Idbatterim
    Registered Users Posts: 17,852 ✭✭✭✭Idbatterim


    The thing most worrying me is the size of the Irish Times property supplement these days. Getting bigger and more salubrious by the week.

    The Irish Times is releasing a monthly article on the crane count in Dublin, the one from yesterday...


    http://www.irishtimes.com/business/commercial-property/number-of-cranes-in-use-over-dublin-city-centre-rises-to-43-1.2633384
    Number of cranes in use over Dublin city centre rises to 43
    Recovery in economy will lead to further developments being started in months ahead

    Wed, May 4, 2016, 07:10
    Justin Comiskey

    two things are massive 1) the central bank keeping a firm lid on the lending cap (as they are meant to be independent) there isnt much in theory the snakes in government should be able to do about this. Despite the fact they would love prices to explode again

    2) Massive resistance from IBEC etc to ridiculous wage claims and a return to social partnership...

    In terms of housing etc, let the government look into costs etc, the alternative is to simply allow more to be borrowed, indebting people even further and letting those snakes off the hook...


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    #102
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    mahoganygas wrote: »
    One could argue that it alleviates the homeless crisis.

    The house doesn't disappear. It's sold on/rented out.

    At a substantial loss.


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    #103
    Richard Hillman
    Registered Users Posts: 12,033 ✭✭✭✭Richard Hillman


    Financial services will be booming. Everyone that got burned by the end of the Celtic Tiger will be looking to have their finances managed properly. I dont think this boom will be like the Celtic Tiger. I dont think people will be spending every last penny they have to keep up with the Jones's. If you are a financial advisor, trader, accountant or work in Banking, this is going to be like the film Wall Street or Wolf of Wall Street.


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    #104
    lawlolawl
    Closed Accounts Posts: 2,678 ✭✭✭lawlolawl


    Richard Hillman wrote: »
    I dont think this boom will be like the Celtic Tiger.

    You greatly underestimate the utter stupidity of Paddy when he has a few pound in his back pocket.


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    #105
    laura360
    Users Awaiting Email Confirmation Posts: 25 ✭laura360


    Is the Original poster still worried?


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    #106
    Richard Hillman
    Registered Users Posts: 12,033 ✭✭✭✭Richard Hillman


    lawlolawl wrote: »
    You greatly underestimate the utter stupidity of Paddy when he has a few pound in his back pocket.

    Definitely. People are going to be stupid with their money. It will just be a different kind of stupid. Stock Markets, I.T Start-Ups and personal trainers ( or P.Ts) will replace Apartments in Bulgaria, decking and hot-tubs.

    "Do you even have a P.T?" will become a line. And Investing in Asian Sweat-Factories will be the new Apartments in Bulgaria.


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    #107
    topper75
    Registered Users Posts: 5,942 ✭✭✭topper75


    There was USC on my last payslip.

    As long as its there, the recession is still on.

    Back to your workstations people. Nothing to see here.


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    #108
    Zzippy
    Moderators, Sports Moderators Posts: 14,166 Mod ✭✭✭✭Zzippy


    Timberrrrrrrr wrote: »
    I used to operate tower cranes back in the day

    Is your username anything to do with why you no longer operate tower cranes? ;)


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    #109
    HensVassal
    Banned (with Prison Access) Posts: 2,570 ✭✭✭HensVassal


    screamer wrote: »
    Not really you've got to remember the **** base that these figures are coming from. Compared to pre 2008 figures which were from a pie in the sky base. As the old saying goes when you hit the bottom the only way is up.

    But sure with typical oirish pessimism let's talk ourselves into doom gloom kaboom once again.......

    Thanks for that well thought out analysis, Greenspan. If you take a closer look you will see that this time it's auto loans and student debts that are being packaged up into absurd "collateralized debt obligations" and loaded onto banks' "asset" sheets instead of crappy mortgagee that were rolled up into mortgage backed securities. When auto loans start to default you will see another pullback and the 1% will start fleeing the market like when ninja mortgages started to reset in august 2007 and foreclosures started to snowball three months later.


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    #110
    Joe prim
    Registered Users Posts: 919 ✭✭✭Joe prim


    screamer wrote: »
    Not really you've got to remember the **** base that these figures are coming from. Compared to pre 2008 figures which were from a pie in the sky base. As the old saying goes when you hit the bottom the only way is up.

    But sure with typical oirish pessimism let's talk ourselves into doom gloom kaboom once again.......

    Yeah, I don't know why these cribbers and moaners don'y just commit suicide....


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    #111
    michellie
    Registered Users Posts: 2,691 ✭✭✭michellie


    Not one bit.

    **Rings credit union for a loan to go shopping**


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    #112
    The Rape of Lucretia
    Closed Accounts Posts: 7,440 ✭✭✭The Rape of Lucretia


    Cee-Jay-Cee wrote: »
    No because my pay us still lower than it was in 2010, prices in general have all risen so there may be a boom but not in my fcuking house.

    Making you particularly exposed then I guess. Just because Boom 2 isnt on in your house doesnt mean it isnt on, and you are invulnerable to its effects.


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    #113
    The Rape of Lucretia
    Closed Accounts Posts: 7,440 ✭✭✭The Rape of Lucretia


    lawlolawl wrote: »
    You greatly underestimate the utter stupidity of Paddy when he has a few pound in his back pocket.
    laura360 wrote: »
    Is the Original poster still worried?

    When I think of the stupidity of Paddy, and the politicians he elects (Kerry, I am looking at you here), then yes, very worried.


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    #114
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    What's with the racist undertones and derogatory comments in here?


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    #115
    badboyblast
    Registered Users Posts: 753 ✭✭✭badboyblast


    People are returning to live in Ireland, if you are going out spending like mad that is your own business, alot of studies show recently that the majority of people in Ireland have very controlled spending on credit cards etc.

    Cheer up and enjoy yourselves, nobody is going crazy, you will be dead long enough.


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    #116
    maryishere
    Closed Accounts Posts: 4,549 ✭✭✭maryishere


    Idbatterim wrote: »
    The Irish Times is releasing a monthly article on the crane count in Dublin, the one from yesterday...
    http://www.irishtimes.com/business/commercial-property/number-of-cranes-in-use-over-dublin-city-centre-rises-to-43-1.2633384

    What strikes me is how there are 2 different economies in Ireland. They may be plenty of cranes in Dublin, and people drinking coffees in fancy cafes, and some going on fancy holidays etc, but west of the Shannon its a different story. I see money in Dublin during the week, and hear work colleagues complaining about sky high rents and property prices in Dublin.

    Whenever I escape the city at weekends and head west, I cannot but help notice the closed down shops in many rural towns, and the ghost estates, and some properties going for a quarter of what they would command in Dublin. Its a very uneven boom.


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    #117
    lawlolawl
    Closed Accounts Posts: 2,678 ✭✭✭lawlolawl


    maryishere wrote: »
    What strikes me is how there are 2 different economies in Ireland. They may be plenty of cranes in Dublin, and people drinking coffees in fancy cafes, and some going on fancy holidays etc, but west of the Shannon its a different story. I see money in Dublin during the week, and hear work colleagues complaining about sky high rents and property prices in Dublin.

    Whenever I escape the city at weekends and head west, I cannot but help notice the closed down shops in many rural towns, and the ghost estates, and some properties going for a quarter of what they would command in Dublin. Its a very uneven boom.

    The West was always worse off economically. That's nothing new.


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    #118
    maryishere
    Closed Accounts Posts: 4,549 ✭✭✭maryishere


    lawlolawl wrote: »
    The West was always worse off economically. That's nothing new.
    It seems to be a bigger divide now though. A big shortage of accommodation in Dublin, but in parts of the midlands and west you can buy a new apartment for under 50k, and there are plenty of empty ones for sale and rent. Pity some of the jobs can not be decentralised. It would help the traffic and pollution (and sometimes stress!) situation in Dublin too.


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    #119
    well spoken man
    Registered Users Posts: 351 ✭✭well spoken man


    maryishere wrote: »
    It seems to be a bigger divide now though. A big shortage of accommodation in Dublin, but in parts of the midlands and west you can buy a new apartment for under 50k, and there are plenty of empty ones for sale and rent. Pity some of the jobs can not be decentralised. It would help the traffic and pollution (and sometimes stress!) situation in Dublin too.

    Quit talking sense ðŸ˜႒


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    #120
    The Rape of Lucretia
    Closed Accounts Posts: 7,440 ✭✭✭The Rape of Lucretia


    maryishere wrote: »
    It seems to be a bigger divide now though. A big shortage of accommodation in Dublin, but in parts of the midlands and west you can buy a new apartment for under 50k, and there are plenty of empty ones for sale and rent. Pity some of the jobs can not be decentralised. It would help the traffic and pollution (and sometimes stress!) situation in Dublin too.

    Thats modernisation of the economy. Modern standards of living, business, infrastructure, investment, economies of scale, do not exist in the sticks. So it is natural that standards should be lower there, apart from a few oases where tourism can buck the syndrome.

    The recent call for a genuine second city somewhere west was a good one. Limerick/Shannon was it ? To build a genuine sustainable counter pole to Dublin. It would be good for Dublin, Newtown, and the west. Wont play well with every little town that thinks it can have it all though, smallness yet prosperous, so unlikely to fly.


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    #121
    HensVassal
    Banned (with Prison Access) Posts: 2,570 ✭✭✭HensVassal


    maryishere wrote: »
    It seems to be a bigger divide now though. A big shortage of accommodation in Dublin, but in parts of the midlands and west you can buy a new apartment for under 50k, and there are plenty of empty ones for sale and rent. Pity some of the jobs can not be decentralised. It would help the traffic and pollution (and sometimes stress!) situation in Dublin too.

    Where can you buy an apartment for under 50k?


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