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Glut of repossessed houses could depress prices ‘by up to 25%’

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    #2
    TheOldHand
    Banned (with Prison Access) Posts: 91 ✭✭TheOldHand


    I don't think we will ever see a reasonable number or repossession in Ireland. The mass delusion is set to continue and with the government controlling all the main banks there is nobody from the outside to change this. I always try my best to berate and exclude people I know that are staying in properties for free.


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    #3
    who_ru
    Registered Users Posts: 2,033 ✭✭✭who_ru


    TheOldHand wrote: »
    I don't think we will ever see a reasonable number or repossession in Ireland. The mass delusion is set to continue and with the government controlling all the main banks there is nobody from the outside to change this. I always try my best to berate and exclude people I know that are staying in properties for free.

    i tend to agree with you. Govt/NAMA/Banks all acting to keep property prices artificially high. Especially NAMA.

    But Ulster Bank may change the course of events if they start to reposes. as stated in the examiner a mortgage in arrears for 12months has very little chance of getting back on track.

    the banks failure to act has made everybody's situation much worse.


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    #4
    Galego
    Registered Users Posts: 1,231 ✭✭✭Galego


    But in the cases of repossessions and having to write debts off..........who is going to pick up that bill? Taxpayers again?


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    #5
    Tigerandahalf
    Registered Users Posts: 7,811 ✭✭✭Tigerandahalf


    Repossessions only suit the bank.
    Who picks up the tab for rehousing?
    Ordinary joe of course.


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    #6
    TheOldHand
    Banned (with Prison Access) Posts: 91 ✭✭TheOldHand


    Tigerandahalf wrote: »
    Repossessions only suit the bank.
    Who picks up the tab for rehousing?
    Ordinary joe of course.

    Repossessions suits everybody. This is the only way you can fix the market. What you are advocating is a horribly unfair system of social housing that benefits only a small section of society. People staying in properties with no regard for the area, size or value of the property. They've essentially jumped to the top of the housing list and we pay for it. I'd rather occupy some of these properties and i would be payig far less in mortgage or rental payments if the market finds its real level.


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    #7
    lima
    Registered Users Posts: 1,239 ✭✭✭lima


    I went to see a property today for 230k. Knowing that repossessions need to occur, I choose to wait until prices are further corrected before I make a commitment to purchase by first property. Repossessions can't come soon enough.


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    #8
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    lima wrote: »
    I went to see a property today for 230k. Knowing that repossessions need to occur, I choose to wait until prices are further corrected before I make a commitment to purchase by first property. Repossessions can't come soon enough.

    why did you bother going to see a property if your waiting.


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    #9
    testicle
    Closed Accounts Posts: 5,430 ✭✭✭testicle


    D3PO wrote: »

    why did you bother going to see a property if your waiting.

    to see if he liked it obviously!


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    #10
    Galego
    Registered Users Posts: 1,231 ✭✭✭Galego


    testicle wrote: »
    to see if he liked it obviously!

    Or to see how much it is really worth! :D


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    #11
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    D3PO wrote: »
    why did you bother going to see a property if your waiting.

    So they could post on here later


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    #12
    The Bishop Basher
    Registered Users Posts: 4,279 ✭✭✭The Bishop Basher


    lima wrote: »
    I went to see a property today for 230k. Knowing that repossessions need to occur, I choose to wait until prices are further corrected before I make a commitment to purchase by first property. Repossessions can't come soon enough.

    So timing has been good to you. Well done. Unfortunate that you choose to turn your good fortune into some kind of smug satisfaction. Maybe you really were smarter then everyone else but I doubt it. Lets hope when you get your house and the next recession hits, you don't find yourself on the wrong end of a bank repossession. No doubt there would be someone just like you waiting in the wings to gloat about taking your home for a song.


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    #13
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    Swanner wrote: »
    So timing has been good to you. Well done. Unfortunate that you choose to turn your good fortune into some kind of smug satisfaction. Maybe you really were smarter then everyone else but I doubt it. .


    he wasnt smarter. He let slip he had mortgage approval in the boom. Why would he apply for mortgage approval if he thought they were overpriced....

    he likes to think he was smart though


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    #14
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    Tigerandahalf wrote: »
    Repossessions only suit the bank.
    Who picks up the tab for rehousing?
    Ordinary joe of course.

    As one of the many tax paying ordinary joes, I don't have a problem with this.


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    #15
    Tigerandahalf
    Registered Users Posts: 7,811 ✭✭✭Tigerandahalf


    Lot of lads hoping to pick up a bargain and clearly hoping that repossessions will aid that. Just be careful you dont get a stone put through the window or worse when you move into your bargain buy. Some people may resort to that.
    Anyway I dont see large scale repossessions. A likely solution will be the banks taking a stake in the house for debt writeoff.


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    #16
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    Melodramatic much?


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    #17
    Barracuda1
    Closed Accounts Posts: 89 ✭✭Barracuda1


    I don't see large scale repossessions as they will only take back those who are worth selling to make a profit.


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    #18
    Tigerandahalf
    Registered Users Posts: 7,811 ✭✭✭Tigerandahalf


    Barracuda1 wrote: »
    I don't see large scale repossessions as they will only take back those who are worth selling to make a profit.

    It may well be the banks's preference but would cause trouble for the politicians. People would cry foul straight away about people being treated differently.


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    #19
    Tigerandahalf
    Registered Users Posts: 7,811 ✭✭✭Tigerandahalf


    Zamboni wrote: »
    Melodramatic much?
    Maybe, maybe not.
    Would an insurance company insure a house that had previously been burnt to the ground deliberately?


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    #20
    Zamboni
    Registered Users Posts: 4,305 ✭✭✭Zamboni


    This forum is becoming an extension of AH.


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    #21
    Tigerandahalf
    Registered Users Posts: 7,811 ✭✭✭Tigerandahalf


    I think people are thinking that people will gladly allow their house to be repossessed. That wont happen. A lot of people will gladly support homeowners who are being repossessed.


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    #22
    wexie
    Closed Accounts Posts: 7,480 ✭✭✭wexie


    Barracuda1 wrote: »
    I don't see large scale repossessions as they will only take back those who are worth selling to make a profit.

    there aren't likely to be many of those in the current market...


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    #23
    Ipso
    Closed Accounts Posts: 5,995 ✭✭✭Ipso


    Tigerandahalf wrote: »
    I think people are thinking that people will gladly allow their house to be repossessed. That wont happen. A lot of people will gladly support homeowners who are being repossessed.

    But its the banks house and do they expect a free house?


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    #24
    hfallada
    Closed Accounts Posts: 4,180 ✭✭✭hfallada


    It takes a long time and it's extremely costly to repossess a property in Ireland. It's like not Nevada in the us where the bank takes it and in a few weeks it's sold. Like if Nama aren't unloading their books quickly why would the banks do the same.

    With the huge shortage of houses in Dublin city the price drop won't be any where near 25 %.


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    #25
    Galego
    Registered Users Posts: 1,231 ✭✭✭Galego


    One question. If someone who is in arrears knows for a fact that his/her house is not going to be repossessed then which is the incentive for that person to pay the mortgage?
    More than a year in arrears should mean repossession, sorry but that is the only solution.


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    #26
    Ipso
    Closed Accounts Posts: 5,995 ✭✭✭Ipso


    Tigerandahalf wrote: »
    I think people are thinking that people will gladly allow their house to be repossessed. That wont happen. A lot of people will gladly support homeowners who are being repossessed.

    Well theyre supporting them now financially.


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    #27
    Tigerandahalf
    Registered Users Posts: 7,811 ✭✭✭Tigerandahalf


    Most of the houses that may be repossessed are not in Dublin anyway. They are in the commuter belt upto an hr from the city. Not too many people will be keen on those.
    Only solution is debt writeoff for equity in the house. That may be one of the reasons why Europe is realising that austerity cant solve these problems and getting people back to work through infrastructure projects is the way forward.


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    #28
    heyjude
    Registered Users Posts: 1,030 ✭✭✭heyjude


    With the government pegging property tax rates to property values, it gives the government yet another reason/incentive to do whatever it can to stop anything that may cause property prices to fall further. As such, while they can proclaim that measures they take to stop mass repossessions, are being introduced to protect homeowners by keeping families in their homes, in reality, if it wasn't so already, they now have a sizeable vested interest in maintaining/increasing property values. Higher property values = higher property tax payments.


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    #29
    gurramok
    Closed Accounts Posts: 13,992 ✭✭✭✭gurramok


    Tigerandahalf wrote: »
    Most of the houses that may be repossessed are not in Dublin anyway. They are in the commuter belt upto an hr from the city. Not too many people will be keen on those.
    Only solution is debt writeoff for equity in the house. That may be one of the reasons why Europe is realising that austerity cant solve these problems and getting people back to work through infrastructure projects is the way forward.

    How do you know that most are outside Dublin?

    Your debt solution is not fair to buyers, nice to see your bias.


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    #30
    Tigerandahalf
    Registered Users Posts: 7,811 ✭✭✭Tigerandahalf


    gurramok wrote: »

    How do you know that most are outside Dublin?

    Your debt solution is not fair to buyers, nice to see your bias.

    Here you go.
    http://www.independent.ie/business/personal-finance/property-mortgages/one-in-five-mortgages-now-in-big-trouble-according-to-ratings-agency-28811933.html

    Cavan and Laois have highest rate of mortgages in difficulty compared to Cork and Dublin who have least.


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    #31
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    heyjude wrote: »
    With the government pegging property tax rates to property values, it gives the government yet another reason/incentive to do whatever it can to stop anything that may cause property prices to fall further. As such, while they can proclaim that measures they take to stop mass repossessions, are being introduced to protect homeowners by keeping families in their homes, in reality, if it wasn't so already, they now have a sizeable vested interest in maintaining/increasing property values. Higher property values = higher property tax payments.

    Not at all- the government only have to add a flat rate percentage to each band, to match a reciprocal fall in property value and they still get their pound of bacon. Whether prices fall or not- matters not one iota to the government- come what may, they will get their money......


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