Recovery of the Housing Market will come Quickly

chucky

!!!!!!? wrote: »

First - I could buy a decent house today with a mortgage considerably less than the average one.

hahaha - and who are you trying to impress !!!!!!, that non-existent girlfriend??
saying things like this doesn't make you look great...

!!!!!!? wrote: »

I'm fed up with coming here for some discussion and having a 'character' like you making snipes and dragging the whole experience down with an attempt to make things personal. Go address whatever issues there are in your real life that leave you looking for anonymous on-line aggression with strangers and this place will be better for you and for everyone else.

another quality quote from the guy who regularly reports posts if they go against his argument and regularly accuses people of picking on him when he is the first to get silly...

again i ask you the question - how many usernames do you have on this forum to self-thank yourself with?

Californication

Dithering_Dad wrote: »

As Shakespeare says, "The lady doth protest too much, methinks".

Of course, Hamlet's mother isn't usually held up as a role model, is she?

DaveyDave_3

pickledpink wrote: »

So you know better than the chief executive do you??? And you don't think he hasn't thought of all those points??!

Super LOL. Don't you think he might have a vested interest?? (VI). He could hardly say that the mortgage business is completely in the !!!!!! could he?. I would expect home to say nothing different.

First VIs said that hpi would remain positive always 'because of supply and demand'. Then they said that perhaps growth would be small this year. Then they said that perhaps pirces would stagnated but definitely wouldn't go down. And now that they are going down, they say that it'll only be by single figures. And guess what??. That's right, we've now got double figures drops. They are trying to talk up the market.

The fact is, is that prices are going to fall to about 35% of the peak (probably).

Max_Headroom_3

Dithering_Dad wrote: »

You seem to grasp at any bit of news that will drive down house prices to a range you can afford it.

DD, I almost hate to tell you this but it isn't the news that's driving prices down. The press didn't wake up en mass and decide they were going to "start" a credit crunch or a recession.

It's happening because the thing that drove prices so high (irresponsibly huge amounts of lending via no deposit mortgages, high multiple of salary mortgages, self cert mortgages, BTL mortgages etc) has bitten the banks in the !!!!. A lot of that money isn't coming back. Worse, the security for these loans is plummeting in value so they can't even recover it that way.

Look to America (who started it first) to get a clearer picture on this.

It was all a myth, a fairytale, this "fantastic investment potential" of houses, it got blown out of all proportion and a huge asset bubble was caused as the higher prices got, the more people piled in driving prices on up.

But now the money has run out, and the sentiment that powered that hugely leveraged bubble (buy buy buy, get on board, prices are soaring) is gone.

Things aren't about to "get back to normal", this (the credit crunch, potential recession etc), is "normal" based on what's been going on over the last few years.

Party's over dude, it's payback time.

posh*spice

Californication wrote: »

Of course, Hamlet's mother isn't usually held up as a role model, is she?

LOL :rotfl:

Turnbull2000

According to The Times, Rightmove August 2008: -2.8% MOM

Is this the biggest monthly fall yet?

michaels

Just like to point out at this point that some of those who can only see prices falling are the very same people who accused the 'HPI Crowd' of myopia when they could only see prices rising?!

If the banks are in such trouble why have the fixed rate spreads fallen in line with the libor spread over the last few weeks?

Max_Headroom_3

michaels wrote: »

If the banks are in such trouble why have the fixed rate spreads fallen in line with the libor spread over the last few weeks?

And are those falling fixed rates aimed at BTLers? 100% mortgages? Self Cert? 6x salary?

Of course banks will be starting to lend again, they need to to survive.

What will have (by necessity) changed is the ways and the amounts that they lend.

This is the new "normal" (and also the "old" normal, before it all went mad).

Dithering_Dad

Max_Headroom wrote: »

DD, I almost hate to tell you this but it isn't the news that's driving prices down. The press didn't wake up en mass and decide they were going to "start" a credit crunch or a recession.

It's happening because the thing that drove prices so high (irresponsibly huge amounts of lending via no deposit mortgages, high multiple of salary mortgages, self cert mortgages, BTL mortgages etc) has bitten the banks in the !!!!. A lot of that money isn't coming back. Worse, the security for these loans is plummeting in value so they can't even recover it that way.

Look to America (who started it first) to get a clearer picture on this.

It was all a myth, a fairytale, this "fantastic investment potential" of houses, it got blown out of all proportion and a huge asset bubble was caused as the higher prices got, the more people piled in driving prices on up.

But now the money has run out, and the sentiment that powered that hugely leveraged bubble (buy buy buy, get on board, prices are soaring) is gone.

Things aren't about to "get back to normal", this (the credit crunch, potential recession etc), is "normal" based on what's been going on over the last few years.

Party's over dude, it's payback time.

I didn't realise! I thought the whole thing was a reaction to !!!!!!?'s comments on MSE. Thanks for the 'heads up' on this one. :rolleyes:

Not too sure who was having the 'party' certainly not those struggling to buy a home or those struggling to pay a huge mortgage.

keeprenting

Dithering_Dad wrote: »

I didn't realise! I thought the whole thing was a reaction to !!!!!!?'s comments on MSE. Thanks for the 'heads up' on this one. :rolleyes:

Not too sure who was having the 'party' certainly not those struggling to buy a home or those struggling to pay a huge mortgage.

The banks.