Mic 1972 wrote: » All the money that is being printed to sustain the economy is going to create huge inflation. The same happened after the war in countries like italy and germany
PropQueries wrote: » The distressed mortgage sales are back: “AIB plans ethical sale of up to 650 distressed mortgages” “ The sale of AIB’s Project Iris portfolio comes in advance of the much bigger and more controversial Project Oak portfolio sale. The latter will see the bank sell off up to 6,000 distressed loans, with an original book value of €1.3 billion, on the open market. The bank decided last March to postpone the Project Oak sale indefinitely – its first sale of non-performing private residential mortgages.” Link to Irish times article here: https://www.irishtimes.com/business/financial-services/aib-plans-ethical-sale-of-up-to-650-distressed-mortgages-1.4459601?mode=amp
PropQueries wrote: » Link to Irish times article here: https://www.irishtimes.com/business/financial-services/aib-plans-ethical-sale-of-up-to-650-distressed-mortgages-1.4459601?mode=amp
PommieBast wrote: I would like to know how much this bundle actually gets bought for. 50% markdown would not surprise me.
Villa05 wrote: » These in theory will be social housing. I'd be very surprised if there was 50% markdown
Timing belt wrote: »
PropQueries wrote: » Isn’t that where many of the experts get it wrong. Without supply side constraints, no amount of money printing will lead to inflation (as defined by the official measurement). Plus, there’s no point encouraging banks to lend into the real economy when there’s no real new business ideas to lend into (in the EU anyway).
PropQueries wrote: » Also yesterday, Bloomberg had an article that the Ford motor plant in Germany is closing for a month due to semi conductor shortages. So, it looks like the few economists who predicted that this is where inflation will originate sooner than many expected may be right.
PropQueries wrote: » That’s the thing. AIB (basically state owned) will most likely sell them to an “ethical” investment fund who will then rent them back to the state. Why doesn’t the state just cut out the middle man and save everyone money, time and most importantly stress? There was a good article in Irish Times last week: “The State’s mortgage-to-rent scheme has been irrevocably undermined by the entry of a commercial player, which is outbidding the not-for-profit agencies for the properties involved, according to mortgage campaigner David Hall.” Link to Irish Times article here: https://www.irishtimes.com/business/economy/mortgage-to-rent-scheme-undermined-by-commercial-entity-claims-david-hall-1.4455789?mode=amp
PommieBast wrote: These are loans in default and the "ethical" and "borrower-friendly" description to me sounds very much like some sort of repossession ban. No sane commercial outfit would take them on without a huge discount.
Villa05 wrote: » How is it any different to investment funds hovering up social housing with guaranteed income in the form of long term leases from the taxpayer
combat14 wrote: » serious concerns irish economy about to be brought to its needs very shortly with brexit tape resulting in many jobs losses herehttps://www.google.com/amp/s/www.irishtimes.com/business/economy/brexit-red-tape-if-nothing-changes-ireland-will-be-closed-1.4458597%3fmode=amp
Cyrus wrote: Some of these posts strike me that the poster is hoping the economy is brought to its knees (or further to its knees maybe lying down ). Strange outlook to have.
Cyrus wrote: » According to the hauliers who are annoyed with how things are going at the port. Some of these posts strike me that the poster is hoping the economy is brought to its knees (or further to its knees maybe lying down ). Strange outlook to have.
Cyrus wrote: » According to the hauliers who are annoyed with how things are going at the port.Some of these posts strike me that the poster is hoping the economy is brought to its knees (or further to its knees maybe lying down ). Strange outlook to have.
schmittel wrote: » combat14 may have substantial capital at his disposal, and would welcome a downturn in economy in order to invest that capital in assets at cheaper prices hoping to increase his net wealth. The suffering of others or society at large does not concern everybody. If so, it would be a perfectly rational outlook for an individual to have. No different to those who hope that property prices continue to rise hoping to increase their net wealth. They are not concerned whether rising prices causes the suffering of others or society at large.
Timing belt wrote: » The only people to benefit from rising property prices are landlords or someone that is planning on emigrating. For the normal householder it makes no difference because if the sell they will get more but likewise will need more to buy another place. Likewise for the individual looking to buy a 'home' will have lost out if they have capital at their disposal and continue to pay rent. To be financially better off house prices would really need to collapse by 50%+.
schmittel wrote: » It seems like any honest debate that might lead to the conclusion that the trade off is lower property prices, is not palatable as people are unwilling to accept this.
Timing belt wrote: » Most people waiting to get onto the property ladder will see this as very palatable but you need to remember that in Ireland 2/3 of people own their property so the idea of lower property prices is up their with large tax increases ("with no benefits for the tax paying population"). Why would anyone choose to reduce their net wealth?
Timing belt wrote: » The idea of wanting the economy to collapse so that prices fall would only benefit someone who was shielded from a loss in income and on a guaranteed job for life.
Cyrus wrote: » Hoping for a substantial downturn in the economy , which lets face it will impact the lower paid the worst as these things always do, strikes me as a very strange sentiment and very selfish. I personally don’t care if prices rise or not, as my house is a home not an asset , and if I sell it whatever I want to buy will have increased also so I won’t be any better off. Any why are you answering for him anyway ?
schmittel wrote: » It's a discussion forum.
schmittel wrote: » Quote: Originally Posted by Timing belt View Post Most people waiting to get onto the property ladder will see this as very palatable but you need to remember that in Ireland 2/3 of people own their property so the idea of lower property prices is up their with large tax increases ("with no benefits for the tax paying population"). Why would anyone choose to reduce their net wealth? That's the sort of attitude I am talking about.
schmittel wrote: » Plenty people of sufficient means and security that they don't feel the effects of a downturn as much as the next man.
combat14 wrote: » no just unfortunately clearly remember the pain so many in this country suffered the last time people here paid too much for housing and can see it happening all over again also any one who is single trying to buy a house here must be finding it an absolute nightmare at current prices anyone renting in dublin must be finding it very hard to save for house depoits at these rates all analysis of house valuations keep assuming that buyers are a couple who will never split up or have children in the future .. every valuation justification seems to max house valuations out to the last and dont seem to cover real world eventualities
Timing belt wrote: » That is a fact that I was calling it out as a reason why people would not have a discussion on lower prices. There is no attitude in that... You assume there is attitude just like you have assumed that I want higher prices.... I like many on here would greatly benefit from lower prices but I don't see the market pointing that way for the reason's I have been calling out. If people have sufficient means and security and have not bought a 'home' and rented instead in the hope that property prices fall then they have lost out financially and like a gambler trying to double down to try and recoup losses they will continue waiting....Who know's maybe the outsider comes in at 100 to 1 and they are financially better off.
Cyrus wrote: » It’s become more like a crystal ball gazing forum .
Timing belt wrote: » 100% agree a single person finds it very hard to buy but this has always been the case. For someone that has split up it is near impossible unless to get a mortgage even if they had savings that would allow them to buy with a mortgage because any maintenance payments will dramatically reduce the mortgage they would get. Wishing a economic crash on everyone makes no sense... As I said in a previous post : In america they look at the guy in the big house on the hill and say this time next year I will be up there with him. In Ireland people look up and say this time next year he will be back down here with the rest of us.
Timing belt wrote: » That is a fact that I was calling it out as a reason why people would not have a discussion on lower prices. There is no attitude in that... You assume there is attitude just like you have assumed that I want higher prices.... I like many on here would greatly benefit from lower prices but I don't see the market pointing that way for the reason's I have been calling out.
