Stark wrote: » If banks here would grow a pair and push more people to actually pay their mortgages, we might not need vulture funds and high interest rates. Plenty of stories of people living in very lavish houses and making no attempt whatsoever to meet repayments. Force sell the house and make them live in an affordable apartment like the rest of us.
decreds wrote: » Seeing plenty of second-hand apartments hit the market in Dublin this week, most are asking below current market rate. Are we seeing more landlords leave the market?
Timing belt wrote: None of the banks are making much money because of low interest rates and are cutting costs wherever they can. (I.e. redundancy).
Stark wrote: » What's BidX1? As an aside, a property I'm interested in (for the purposes of being my primary residence) is on auctioneera.ie . Not sure how sensible it is to buy a property through that route.
Villa05 wrote: » Would the pensions/investment industry be in a similar predicament if returns of up to 3% expected to be the norm for the future
jim-mcdee wrote: » you would be mad not to buy now imo. rents are high and its much cheaper to buy. i was paying 1300pm and my mortgage on a similar place is 1100 and in 25 years ill own it
MacronvFrugals wrote: Vulture fund adviser: "Ireland is the gift that keeps giving"
Stark wrote: If banks here would grow a pair and push more people to actually pay their mortgages, we might not need vulture funds and high interest rates.
jim-mcdee wrote: you would be mad not to buy now imo. rents are high and its much cheaper to buy. i was paying 1300pm and my mortgage on a similar place is 1100 and in 25 years ill own it
Villa05 wrote: » That's been said quiet a few times by different businesses. We are indeed a great country for business at the expense of citizens of course Blocked politically, surprise High rents are the gun to the head to buy now.
Dr Cameron Murray, a post-doctoral fellow at the Henry Halloran Trust at the University of Sydney, said what is happening in Australia has to be seen in a global context. “Our macro-stabilisation policy works by juicing house prices,” Murray said. “This is a policy most central banks have adopted. Secondly, we’re just at that point in the cycle. The best parallel to the situation now is 2004. I think we’re in a very similar phase right now. Sydney boomed early, then it tapered off. Then the rest of the country shot up for four years in line with the broad global house price cycle.
Timing belt wrote: » If the venture funds didn’t buy the debt from the banks the government would have had to pump billions more into them so they wouldn’t fail the ECB stress tests so don’t see how it is at the expense of citizens.
schmittel wrote: » Or the banks could have repoed the properties and sold the security rather than the loan. And if they had done so in 08/9 when things turned to sh*t, they would not have had so many problem loans that they then needed to sell.
Cyrus wrote: » well it was sell the loans or sell a load of property, loans are probably easier sold.
schmittel wrote: » Ireland was the gift that kept on giving to the vulture funds because the banks didn’t have much choice. I’ve no doubt they would have preferred to repossess and sell the properties.
Cyrus wrote: » maybe it would have been quite the undertaking, personally id welcome easy repossession and non recourse lending, it would simplify things and make banks a lot more prudent in their lending.
MacronvFrugals wrote: » Interesting article on the Australian market, i think we're giving the "juicing" a go to!The Australian property market is booming but the gains are based on 'massive' debtshttps://www.theguardian.com/australia-news/2021/feb/16/the-australian-property-market-is-booming-but-the-gains-are-based-on-massive-debts
Timing belt wrote: If the venture funds didn’t buy the debt from the banks the government would have had to pump billions more into them so they wouldn’t fail the ECB stress tests so don’t see how it is at the expense of citizens.
Gradius wrote: » That Ulster bank thing, the implication of negative interest rates, an artificially propped up property market (imo) pandemic, employment, schools and so on... Things are looking VERY ropey. All individual interests aside, the government here and elsewhere (opposition or otherwise) have made a complete trollocks for the average persons situation. Things are just out of hand now with no semblance of control or intelligent direction, stuff is just "happening". Just to add, the worst outcome I can see coming down the line is that the economy collapses (as opposed to a controlled, sensible correction), the average person is locked out of housing, and the door is left swinging wide open for foreign money to come in and buy up more of the country...which will sustain ridiculous prices while siphoning off Irish people's money to God knows where. A complete decline in nationhood that's exponential. It's worst case scenario and I wish I had faith that ANY government here would step into prevent it, but if anything they're likely to encourage it.
cnocbui wrote: » As opposed to other times when house price gains obviously aren't based on massive debt /s :rolleyes: And as I pointed out in my earlier reposte that no one liked, if you showed the good Dr Ireland's books, he'd likely faint.
decreds wrote: » No one claimed Ireland was the poster boy for the property market, in fact quite the opposite. Australia's property market reminds me of Ireland during the Celtic Tiger days. Most people i know who own property there have multiple mortgages on multiple properties and are heavily leveraged, to say the least.
cnocbui wrote: » And if you take note of the last time Australia had a property price correction on the scale of Ireland's in 2008/9, you'll soon see why not too many people in Australia are concerned. Australia has been in a property price bubble for the last 60 years. Warnings of it imminently popping have been surfacing regularly for at least the last 20 years.
