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House repossession rates are far too low

  • 14-03-2013 06:56PM
    #1
    Three Seasons
    Banned (with Prison Access) Posts: 548 ✭✭✭


    If we want a functioning market to buy and sell houses we really need to be seeing higher rates of house repossessions. IMO the very low rate of house repossessions will cause more suffering to the citizens of Ireland.


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Comments

  • #2
    Z.O.D!!!
    Registered Users, Registered Users 2 Posts: 24 ✭Z.O.D!!!


    This will end well..........


  • #3
    El_Dangeroso
    Users Awaiting Email Confirmation Posts: 5,620 ✭✭✭El_Dangeroso


    As a potential first time buyer that's not in negative equity I approve this message.


  • #4
    anncoates
    Closed Accounts Posts: 13,925 ✭✭✭✭anncoates


    Three Seasons wrote: »
    IMO the very low rate of house repossessions will cause more suffering to the citizens of Ireland to me and that house I want in Terenure that has a pesky family in it trying to keep a roof over their heads.

    Fixed.


  • #5
    orestes
    Closed Accounts Posts: 9,972 ✭✭✭orestes


    Economics isn't my strong point, so could you explain to me how this would work? You can even use little dolls as teaching aids if you need to.


  • #6
    Czarcasm
    Closed Accounts Posts: 10,076 ✭✭✭✭Czarcasm


    Another repossession thread?

    Because there just aren't enough repossession threads started today alone already.


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  • #7
    xzanti
    Moderators, Entertainment Moderators Posts: 10,463 Mod ✭✭✭✭xzanti


    Fergal? that you?


  • #8
    anncoates
    Closed Accounts Posts: 13,925 ✭✭✭✭anncoates


    Funnily enough, everybody that I know that's a sneering expert on how obsessed the Irish are about property (and how they were such a model of fiscal rectitude during the boom) are the ones that never seem to shut fucking up about finally buying a house when the market hits bottom.


  • #9
    minidazzler
    Registered Users, Registered Users 2 Posts: 14,650 ✭✭✭✭minidazzler


    orestes wrote: »
    Economics isn't my strong point, so could you explain to me how this would work? You can even use little dolls as teaching aids if you need to.

    It would force sales at lower prices and so it would move the economy along, as the demand will rise to meet supply if houses are cheap enough..... though I'm not an economist either :pac:


  • #10
    AEDIC
    Registered Users, Registered Users 2 Posts: 444 ✭✭AEDIC


    Oh good...greed... now that certainly didnt contribute to the mess we are in now did it :)


  • #11
    Nodin
    Closed Accounts Posts: 46,938 ✭✭✭✭Nodin


    minidazzler wrote: »
    It would force sales at lower prices and so it would move the economy along, as the demand will rise to meet supply if houses are cheap enough..... though I'm not an economist either :pac:


    It hasn't stopped anyone else, why put it in your way?


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  • #12
    Princess Consuela Bananahammock
    Registered Users, Registered Users 2 Posts: 33,779 ✭✭✭✭Princess Consuela Bananahammock


    orestes wrote: »
    Economics isn't my strong point, so could you explain to me how this would work? You can even use little dolls as teaching aids if you need to.

    I don't think he's coming back.

    Everything I don't like is either woke or fascist - possibly both - pick one.



  • #13
    donvito99
    Registered Users, Registered Users 2 Posts: 5,818 ✭✭✭donvito99


    1. "House repossession rates are far too low"
    2. "higher rates of house repossessions" for a "functioning market"
    3. ???
    4. Profit


  • #14
    Three Seasons
    Banned (with Prison Access) Posts: 548 ✭✭✭Three Seasons


    anncoates wrote: »

    Fixed.

    If they want to keep their house then they should not break their contract that they signed.

    Families which could afford houses if they weren't overpriced and the market was more liquid are missing out on being able to have a "roof over their heads" as a result of a clogged up housing market.


  • #15
    Three Seasons
    Banned (with Prison Access) Posts: 548 ✭✭✭Three Seasons


    donvito99 wrote: »
    1. "House repossession rates are far too low"
    2. "higher rates of house repossessions" for a "functioning market"
    3. ???
    4. Profit

    Markets exist to benefit everyone.

    A well functioning market provides fair valued housing for families to live in. A poorly functioning market causes more pain and gives less value to the market participants.

    Imagine an economy and world where only three products are needed to live and enjoy life and are the only three products in the market.

    Food, clothing and shelter.

    Three groups of people exist, each of which sells one of the above.

    Without a well functioning market people suffer as they can't trade their time and effort to get what they want. They don't have the time it skill base to produce sufficient quantities if everything for themselves so they all suffer.well functioning Markets allow everyone to meet their needs from their time and effort.

    The moral of the story is markets make out lives a lot better. We need them to work properly. Short term pain for a minority is better than long term pain for everyone.


  • #16
    orestes
    Closed Accounts Posts: 9,972 ✭✭✭orestes


    minidazzler wrote: »
    It would force sales at lower prices and so it would move the economy along, as the demand will rise to meet supply if houses are cheap enough..... though I'm not an economist either :pac:
    Three Seasons wrote: »
    If they want to keep their house then they should not break their contract that they signed.

    Families which could afford houses if they weren't overpriced and the market was more liquid are missing out on being able to have a "roof over their heads" as a result of a clogged up housing market.

    Nope, I'm still not getting it.

    Here, use these.


  • #17
    Antar Bolaeisk
    Registered Users, Registered Users 2 Posts: 3,091 ✭✭✭Antar Bolaeisk


    Daft question but what exactly do you plan to do with all the repossessed houses? Flood the market with them and lower the cost of houses further, generating more negative equity, devaluing the now repossessed houses and kicking people out onto the street?


  • #18
    The Backwards Man
    Closed Accounts Posts: 18,299 ✭✭✭✭The Backwards Man


    I agree with the OP. If people's houses are taken from them they will have more disposable income to spend on cigarettes and foreign holidays.


  • #19
    Three Seasons
    Banned (with Prison Access) Posts: 548 ✭✭✭Three Seasons


    Antar Bolaeisk wrote: »
    Daft question but what exactly do you plan to do with all the repossessed houses? Flood the market with them and lower the cost of houses further, generating more negative equity, devaluing the now repossessed houses and kicking people out onto the street?

    If you can meet your mortgage payments you won't be out on the street if the market value of your house falls. What's better for the economy is fairly priced housing.


  • #20
    Cian92
    Registered Users, Registered Users 2 Posts: 827 ✭✭✭Cian92


    Antar Bolaeisk wrote: »
    Daft question but what exactly do you plan to do with all the repossessed houses? Flood the market with them and lower the cost of houses further, generating more negative equity, devaluing the now repossessed houses and kicking people out onto the street?

    Yep, in essence. The price of property will finally hit the bottom, so that certainty as regards house prices can return.

    Even now people are overpaying for residential property as we the tax payer are propping up the market by not allowing for repossessions.

    Negative equity is only a problem for those who want to sell their house, why should I have much sympathy for those who bought with the intention to sell?

    If the property market hits the bottom, we could finally begin to see a recovery in the construction sector and in mortgages being approved and an increase in work for auctioneers, conveyancing work and all the related services that go with this.

    We have a very low rate of repossessions, it is the tax payer who pays to keep these people in their home.


  • #21
    Seaneh
    Banned (with Prison Access) Posts: 18,300 ✭✭✭✭Seaneh


    Three Seasons wrote: »
    If we want a functioning market to buy and sell houses we really need to be seeing higher rates of house repossessions. IMO the very low rate of house repossessions will cause more suffering to the citizens of Ireland.


    The IMF and every respected econimist in the world disagree with you. but sure do they know.


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  • #22
    Three Seasons
    Banned (with Prison Access) Posts: 548 ✭✭✭Three Seasons


    Seaneh wrote: »


    The IMF and every respected econimist in the world disagree with you. but sure do they know.

    Really I heard numerous respected economists complain about are low rate of house repossessions.

    Admit it, you made that up.


  • #23
    Boombastic
    Closed Accounts Posts: 6,496 ✭✭✭Boombastic


    Yep, repossessions need to start to those not honouring the contract they signed, also Nama properties need to be released on to the market, until then, houses will never be sold for their true value

    Supply and demand


  • #24
    Dwork
    Closed Accounts Posts: 797 ✭✭✭Dwork


    Boombastic wrote: »
    Yep, repossessions need to start to those not honouring the contract they signed, also Nama properties need to be released on to the market, until then, houses will never be sold for their true value

    Supply and demand
    ahh good oh, we'll be seeing seanie and all the other fat cats that waltzed out on massive sums getting turfed out of their mansions so? I agree fully. Might put off the whole "reposessing ordinary joe and jolene soaps homes" for a bit.


  • #25
    Seaneh
    Banned (with Prison Access) Posts: 18,300 ✭✭✭✭Seaneh


    Three Seasons wrote: »

    Really I heard numerous respected economists complain about are low rate of house repossessions.

    Admit it, you made that up.


    The representitive if the IMF who visited the government last week said that repsessions were the last thing they wanted to see. They stressed that they wanted to see the government force tge banks to make restructuring arangements with those in arrears as more aggressive repossessions would just expose the goveremt to even more debt they'd need to borrow more money for another round of recapotalisation of AIB and BOI and thats the last thing we need.

    Then there are people likr O'Toole, Kelly and McWilliams who've been saying the same thing for years.


  • #26
    Boombastic
    Closed Accounts Posts: 6,496 ✭✭✭Boombastic


    Dwork wrote: »
    ahh good oh, we'll be seeing seanie and all the other fat cats that waltzed out on massive sums getting turfed out of their mansions so? I agree fully. Might put off the whole "reposessing ordinary joe and jolene soaps homes" for a bit.

    I hope so and all the other lads still living in mansions, even though they declared bankrupt


  • #27
    3ndahalfof6
    Registered Users, Registered Users 2 Posts: 5,184 ✭✭✭3ndahalfof6


    The opposite of house prices, how crazy is that.


  • #28
    Dwork
    Closed Accounts Posts: 797 ✭✭✭Dwork


    3ndahalfof6 wrote: »
    The opposite of house prices, how crazy is that.
    Quite crazy. :D


  • #29
    squod
    Closed Accounts Posts: 8,704 ✭✭✭squod


    No-one finds it peculiar that repossessions are being talked about now? Must be a bond market bubble going to burst or something.


  • #30
    Dwork
    Closed Accounts Posts: 797 ✭✭✭Dwork


    squod wrote: »
    No-one finds it peculiar that repossessions are being talked about now? Must be a bond market bubble going to burst or something.
    Not at all. The Banks are emerging from their bailouts, the Govt is happy as it looks like they will turn a profit on their interest and so the "need to be nice" is over. They can go back to being the high riding cnuts they always were. They can bin the sackcloth they were wearing over their pinstripes. It was only imitation sackcloth anyway. They bought an unused joblot from the Vatican.


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  • #31
    KyussBishop
    Closed Accounts Posts: 5,797 ✭✭✭KyussBishop


    So, the people who went to the banks and took out mortgages, that were perfectly sustainable before the crisis, who have now lost jobs and run into financial difficulties because of the banks causing the financial crisis, should now be forced to give up their properties (losing all the expenditure they already sunk into them) to those same banks? (the ones we also threw massive shítloads of public money to, in order to bail them out? the ones who caused the inflation in house prices in the first place, and thus the crisis?)

    Banks which will then sell-on the properties, probably to investors some of which who grew rich out of exploiting the property bubble and who got out at the right time, who can then buy them up cheap while us plebs are unable to while being bled through high taxes/living-expenditure, so that they can sell them on to us again at-profit once the housing bubble mill starts rolling again?

    Ah sure what next, soon we'll be hearing that the banks create money out of nothing, so they can lend it out to us at interest.


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