Crash Crash Crash !!!!!!!!!!!!!!!!!!!!!!!!!!!

andys15

1sue23 wrote: »

You remind me of the nutty God man that wonders around my town with placards strapped to his back saying the End is here, apparently he has been doing this for 20 years or more .

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl:

StevieJ

blisk wrote: »

Housing collapse continues.
Mortgage lending down by 63% !!!!!!!!!

Flats 'see biggest price falls'

The couple, who have been married for 18 months, said they were happy in the area, having rented a home there for a couple of years. They had been spending £675 a month on rent, but had managed to secure a five-year 5.5% fixed-rate mortgage with a 5% deposit.
They wanted to buy somewhere to live in, rather than as an investment, and were attracted by the location which is close to the railway station, bars, shops, restaurants and a gym. "It is a nice place to come back to after work and suits our lifestyle," Mr Cartwright said.

Oh my dear these really are the suckers, then again so are the lenders. Paying 5.5% with interest rates/property value falling and chunks of the building a real target for social housing. I feel sorry for these guys.
But this is certainly not the norm, probably though a major influence on the reported house price % falls.

sabretoothtigger

After a bounce of 8% you could have just said thanks very much and taken the profit and done very well from it.

I think its a bit much to ask a better return then that at the moment without much risk, do you not need this money back anytime in the next 10 years? If not then I guess I can support your bravery though I fear you place far too much trust in politicians ability to control a free market

ess0two

Dithering_Dad wrote: »

It's always darkest before the dawn. On Friday when shares were falling through the floor, I decided that we had reached the bottom and so I piled the majority of my life's savings into the stock market at the close.

The market bounced on Monday by 8% in the UK and even more around the world. It's doing the same again today and although I know there will be further turmoil I seriously doubt we will go lower than we did on Friday when we had the 'perfect storm' financially.

I'm now starting to wonder when we'll see the bottom of the housing market. I seriously doubt we'll see the mad "average 50% drops" that some people are hoping for. Instead I think the bottom of the market will be 30% from peak, so if anyone can negotiate a price for more than 30% at the moment then I'd grab it. (but not 30% drops from new build, where builders have increased sale prices to off 'discounts').

Currently we have talk of armageddon, recessions, depressions, 50% crashes. Anyone selling a house will be feeling pretty depressed at the moment. Now is the time to negotiate for a bargain.

We're seeing a recovery in the financial markets, the government has dictated to the banks that they have to return to 1997 lending to bolster house prices, the Depression talk has ended and commentators are talking about a deep recession being averted.

As time moves on and people start feeling more confident, sellers are less likely to negotiate deep discounts on their properties.

If I were looking to buy a house, I would do it in the next 6 to 12 months - after this, we will start seeing a recovery and a return of confidence.

Don't follow the 'herd' mentality of thinking that house prices only fall. When things are the darkest and know one else is buying - THAT'S that time you should buy in order to get the best value for your hard earned money.

But don't take my word for it. Start reading the financial press - stop reading the baised opinions on this forum (including mine ). Invest some of your in researching your target house purchase area. Become an expert and see a real financial return on this investment of your time.

On Friday the doom mongers on here were talking about the financial markets dropping to zero, the end of civilisation and 1930's style depression. I took that as an indicator that the market bottom has been reached and to be honest I made a killing yesterday and will do again today.

Today they're talking about the record drops in house sales, house prices dropping to zero, etc. etc.......

Don't follow the herd mentality, don't be a 'sheeple', don't think that house prices 'always fall'. Make your own decisions, based on your own research in your own geographical areas.

Good Luck

Did a bit of dabbling myself on friday,i bought 200 Shell B shares,from the profits of a 200 lot sale in May when they were at £22+.
Had to sit of hands though i thought early last week they could'nt drop any further and nearly plunged in then.

blisk

1sue23 wrote: »

You remind me of the nutty God man that wonders around my town with placards strapped to his back saying the End is here, apparently he has been doing this for 20 years or more .

The End is Nigh !

Have you sold your house yet & bought a caravan ?

Australians turn to caravans in housing crisis

sabretoothtigger

Australians get nicer weather

Dithering_Dad

sabretoothtigger wrote: »

After a bounce of 8% you could have just said thanks very much and taken the profit and done very well from it.

I think its a bit much to ask a better return then that at the moment without much risk, do you not need this money back anytime in the next 10 years? If not then I guess I can support your bravery though I fear you place far too much trust in politicians ability to control a free market

Hi Tigger, If I were dabbling in day trading I think I would have cashed in when the FTSE10 hit 4500 yesterday and locked in my profits. This was my pension and I had it in invested in 9 different funds. I thought the market was looking unsteady when the FTSE was at 5500 so I moved from these funds into a single cash fund and waited. Once the market crashed I simply moved back into the 9 original funds.

Had I left my money alone (as many do with their pensions), I would have lost 12K in the drop. As it was I ended up purchasing back a lot more shares than I sold. I looked at my pension this morning and it's really doing well.

I won't be gambling with my pension on a regular basis, but I will move back to cash if things start looking dodgy again. My pension has a further 25 years to run.

1sue23

Chris2685 wrote: »

That's all well and good, and if people can ride it out and pay off their mortgages each month in full then it is great. The trouble is that this crazy lending means people have bought (and are still buying) massively over-priced properties that they can't really afford. This is ok if they can scrape by and pay off the mortgage, but if something happens such as job loss (extremely possible in this climate i would say) or interest rates rise and you can't afford the repayments. Basically if anything happens which forces you to sell your house in a falling market, you will be in negative equity and in deep crap. At least in a rising market you had the possibility to sell it for more than you paid for it, in this market you have no chance of making that money back or selling quickly enough to make nearly that money back, because in order to sell quickly you have to have a very competitively priced house.

i can see were you are coming from and in the 80s I was in the position of having negative equity ,had purchased a house on a long completion so committed to buy ,then the market fell so was bridging in a falling market ,took well over a year to sell property and at a large loss one of the most stress full times of my life so I feel for anyone in that position .
The reason I commented on the thread is the original poster seems to infer that we all need to sell up and get out and is all gloom and doom and seems to be taking a certain pleasure in worrying people and is almost wishing it upon them,I can not understand people that enjoy the misfortune of others.

Dithering_Dad

howler wrote: »

Clever addition of the word 'average' here, now that your previous posts claiming that we wouldnt see any 50% drops have been shown to be incorrect :rolleyes:

There have always been reposessions and auctions, there have always been new build sales scams where the sale price is inflated and then 'discounted'.

There will never be general 50% drops in decent homes. If people are waiting for this then they're deluded.

All you are really doing is bearing out what I keep saying - that individual bargains exist now (due to repo, auctions, deaths, divorces, etc) and that people should be looking to buy if they see a genuine large reduction on a nice property.

Not really sure what your point is, other than confirming that you obviously don't read my posts closely enough :rolleyes:.

Though you're not alone in this, many of !!!!!!'s mates misquote me either by accident or design

andys15

blisk wrote: »

Crash continues ....................

Jobless rise highest for 17 years

Recession fears knock US shares

There is no escape, there is no quick fix.

Your a litle slow at getting the news out. We all knew this Yesterday. I bet your a right barrell of laughs, why dont you tell us that terminal illness has risen at the highest rate for 15 years, the plague is about to return, and jeremy kyle is going prime time. What should we all do blisk, shall we just top ourselves. I am sure you wouldn't be shouting so loud about jobless rates if your job had just been axed. just be careful what you wish for, because it has a nasty habit of biting you.