stayback wrote: » I recommend anybody who has an interest in how the banking system collapsed in 2008 watch “too big too fail” it explains exactly how the system crashed. Not all banks were effected to the same extent. For example BOI didn’t need a cash injection but if it didn’t take it then it would look like all the other banks were insolvent. Thus all the other banks would see a run towards BOI. A bit like Wells Fargo in the states. Hence why BOI is the only bank that can stand on its own 2 feet. NAMA is different as this was a vehicle designed to relieve banks of their riskests assets. Not every loan that went to Nama was in default. A bit like COVID 19 we only the negative parts.
Mad_maxx wrote: » bank of ireland is not in good shape at all , its share price is no higher today than at its 2012 low , its been constantly falling now for six years and has halved since the start of the year
Working from home sparks regional property boom ... Buyers’ agents such as Cate Bakos say interest in big regional cities around Melbourne and Sydney is rising in response to the opportunities – and concerns – created by COVID-19. Increasingly popular destinations include Bendigo and Ballarat in Victoria and Newcastle in NSW, which are a reasonable road and rail commute from their respective capitals, have big hospitals and excellent infrastructure. The $900,000 it costs to buy a two-bedroom apartment in Cammeray could secure a brick, two-storey, three-bedroom house with a large garden and lock-up garage on Ballarat’s Lake Wendouree foreshore, an exclusive tree-lined suburb close to the central business district.
Reversal wrote: » Irish property funds more leveraged than 90% of similar operations elsewhere in Europe. The CB seems to think this poses a major threat to crashing the market. They reckon a 15% drop will be enough to trigger fire sales.https://www.irishtimes.com/business/commercial-property/central-bank-warns-of-covid-19-risks-to-property-market-1.4280680%3fmode=amp
neutral guy wrote: » I was doing some job in mid class house at posh area couple years ago and I heard the woman in house on phone dealing about car insurance.They was a great mid class family with good and well paid jobs ,2 nice cars on yard.She was dealing to pay insurance monthly by Visa card ! She did not have enough money pay in full.I was working in some other nice houses and I see nice cars and cheap food on table.That was before Covid guys and I could imagine how many of them will live in future when somebody will lose job.There is no savings guys,there is only bills. Another day ( dark morning in march 2019 ) I was traveling to work and I heard statistics about how many people pay gas/electricity bills using Visa/Master credit cars.I think it was 48 per cent . In some towns I not talking about Dublin people have pay FULL minimum wage for rent of the house ! There is no savings also guys. Could you imagine what gonna happen if government will close the tap ? Its gonna be very painful journey to the future.
IsErik wrote: » The stock market is also in trouble, it is thinking years ahead and artificially prompted up, it's going to be a bloodbath soon and we should see it impact the property market at some age in the near future, the question is by how much % will they drop?
IsErik wrote: » Most live pay check to paycheck in an effort to keep up with the Jones's, just take a look at most of the cars out there, BMWS, Mercs etc. Majority on PCP with money people can't afford, i expect the used car market to tank by the end of the year.
neutral guy wrote: » There is no savings also guys. Could you imagine what gonna happen if government will close the tap ? Its gonna be very painful journey to the future.
Padre_Pio wrote: » That's my point. People are on PUP payment and COVID breaks. What happens when restaurants are all supposed to open at the end of the month? Their creditors call in 3 months worth of bills. They can't open at full capacity. Their staff are put off their PUP payment and rely on the restaurant to pay their wages. Credit avenues are tight as banks are wary. Rinse and repeat with pubs and many other services.
Gumbo wrote: » Can you link to where you are getting these expected decreases please.
IsErik wrote: » This right here, i don't understand how the crash deniers cannot fathom how bad this recession is going to be. It will make GFC 08 look like a picnic, all sectors are impacted this time at a much more elevated level.
Marius34 wrote: » If that's typical mid class family. The question who has those 116 Billion in Irish banks private accounts.
IsErik wrote: » Anyway.... People buying now should rethink, especially if you rely on max borrowing/exemptions. Be very careful what you are getting into, it could be financial suicide
Deub wrote: » The US Stock market is going up but a good number of US homeowners are going the other wayhttps://twitter.com/CNBC/status/1274563493094711298 At the end of April, 65,000 Irish homeowners opted the mortgage break even though there was the wage subsidy scheme. It will be interesting to monitor the missed Mortgage payment in the coming months. Is there such statistics? Edit: The 30% includes renters as well.
awec wrote: » Quite the expert for someone who was asking whether or not to buy in a panic not a day ago.
IsErik wrote: » How did you interpret that? I was asking when i.e in the next few months or wait two years.. My situation is a bit different, hence why i was asking. One thing is for sure, the dogs in the street know that property prices will drop, if i was relying heavily on borrowing at max capacity i would not be purchasing a property until the dust settles.
neutral guy wrote: » One of them me.I drive 16 years old car,I pay motor tax for year ahead that save me 100 euros per year.I ve third party insurance.When oil prices went down I filled my full heating oil tank with heating oil for 25 cents per ltr because last winter I paid 57 per ltr.I pay 2 mortgages in my country 1 year ahead that give me flexibility if I will lose job.I use 7 years old laptop and old Nokia phone which I bought in 2007 because my smart phone broke down 6 months ago.I am carpenter and I use every chance get extra cash.I have 3 pairs of shoes which I use last 4 years and I coming back from Tesco with food with yellow stickers on it.I live this live about 6 years and I dont know how I can spent money because my life style is not spend them,I simply dont have time for it,the last year I was working 7 months without a single day off.This is my life style at the moment and I gonna continue it because I want buy house for cash.
cnocbui wrote: » You sound a bit like me. You will soon be comparatively rich while most of the posters on Boards who believe they should spend and borrow to the max because you only live once are still moaning about house prices in Dublin and the unfairness of it. One way I save money is by not paying for house insurance.
neutral guy wrote: » One thing about I am absolutely sure there will be no property prices increases because the only way for prices at the moment is down
neutral guy wrote: » I speak 4 languages and have opportunity read about many countries experiences. If we look back to 2008 we will see that Ireland was on the worse positions in world possible I dont want be very smart to speak about how good government of Ireland managed ( never try dance first dance in country you did not born) for that reason I will stay away from it. The what I see the government of Ireland stand in holding position when other countries start moving Might be its because old/new government situation,I dont know But if they will go old way as introduce new / increase old taxes as they did before the country will be dead by my own opinion And that says plenty about how property prices will react because people does not have money already and if government will not introduce permanent at least 1 year support then it will be nuclear winter on property market It is too early speak about property market recovery because in reality nothing happened there yet One thing about I am absolutely sure there will be no property prices increases because the only way for prices at the moment is down
IsErik wrote: » It will be the best thing you ever do, let all the greedy fools borrow "free money" (that has to be paid back plus interest btw). Pick up a bargain and let them live out the rest of their lives on the hedonistic treadmill of consumer debt. You will sleep well at night
LJ12345 wrote: » This would be true in a balanced market
