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House repossession rates are far too low

Three Seasons

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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Dwork

3ndahalfof6 wrote: »

The opposite of house prices, how crazy is that.

Quite crazy.

3ndahalfof6

The opposite of house prices, how crazy is that.

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

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.

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.

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

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.

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.

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.

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.

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.

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?

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.

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.

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.

donvito99

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

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.

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?

AEDIC

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

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:

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.

xzanti

Fergal? that you?

Czarcasm

Another repossession thread?

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

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.

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.

El_Dangeroso

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

Z.O.D!!!

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