Some of you are vultures

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tesuhoha wrote: »

I feel that way too and I can appreciate anyone wanting their children to have houses but what I am talking about is as I said before, the goal celebration. The people who are losing their homes may not have been wise but they also had their dreams. As I said they may not have borrowed too much but have just come into hard times due to the recession. No one is really safe unless they own their home outright and there are a lot of jobs which are at risk.

There are cases of greed but most people want to give their family a home.

I understand what you are saying, I just don't see much 'goal celebration'. Some people may be a little happier if they have secure jobs that when we finally hit bottom they can buy, but thats human nature, no one wants to pay over the odds for something. What I don't see is anyone laughing and finger pointing at that video you posted, which as I say is sad tale.

For every person who was happy to see prices go through the roof when they had already bought, there was another person desperately worried about the future of never being able to buy a home, and their only crime, being born later.

carolt

I think, sadly, that those who are losing out due to the HPC are desperate for someone, anyone, to blame - rather than accept responsibility for their own behaviour.

Robert Peston makes the point rather nicely on his blog today:

"As I've been boring you rigid with for months and months now, the cause of our economic woes is that we borrowed too much - or financial institutions lent us too much (to digress for a second: there's a resonant unresolved issue of accountability and responsibility in these two ways of seeing the debt binge)."

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/12/deflation_or_inflation.html#commentsanchor

Blaming the banks or the govt are 2 options; some prefer to blame the US (eg the govt keen to escape culpability); few, however - understandably - are keen to turn the spotlight on themselves and accept that maybe they should have borrowed less, or not borrowed at all.

Understandable, certainly; but fair? No.

No-one was forced to buy; some, as in the poster above, were misadvised, certainly. But where we need to turn from this is not from blaming the one group of people totally innocent and uninvolved in this - those who didn't buy at all - but towards a culture of responsible borrowing and lending decisions. And as long as we try to blame others for our own mistakes, that day will not come.

carolt

star-bright wrote: »

What does 'out on the street' mean? That they will have to live in insecure rentals for a few years until they get back on their feet? Much as most people who chose not to buy, or couldn't afford to, have been doing.

If that's the case then I'm struggling to understand what the problem is. Are 'homeowners' somehow better than, or otherwise different, from other people in society? Are they allergic to renting? All being equal, most people would not choose to live in a house or flat where they can be turfed out at a couple of months notice, it's not great, but it's life for many. Why are homeowners different?

Personally I've lived in rented properties, with my children, for years, because houses were too expensive, yes I could have taken on the ridiculous 6x mortgage I was offered, but common sense prevailed. If prices come down I'll be able to buy and still feed us.

I'm not gloating, I feel heartily sorry for anyone who has to deal with being reposessed, but you make your choice in this life and deal with the consequences. I've chosen to live with the evils of private rentals for a few years, others have had some 'secure' years in their own home, and some of us may be about to swap places. People who bought sensibly and prudently will mostly be OK.

I still don't think people who bought at stupid mortgage multiples are any better than me and my children, or any of the other people who've been renting for years. I'd love to know if they are though.

What a fantastic post. Thank you.

tesuhoha

morg_monster wrote: »

But Tes, if the HPI had continued, the people who bought in the last few years would be celebrating that and NO DOUBT gloating over others, like they have for the last 5 years or so. The people who were already priced out (like me, I will admit) would be down in the dumps and feeling like they will never get that foot in the door (hate the ladder analogy).
As it is, HPI didn't continue. So the people who bought in the last few years are down in the dumps, and of course the people who thought they would never get there, have some hope at last. Of course it is down to the individual whether they openly "celebrate" or "gloat". Most don't - and almost no-one to the point that they welcome a recession! I really challenge you to find anyone on these boards welcoming a recession.

I just don't get why homeowners were allowed to gloat when things were going well for them, but us potential homeowners aren't even allowed to hope without being called vultures? you KNOW its only a minority on this board but we've been tarred with the same brush.

I do NOT want a recession and I hate seeing all the bad news at the moment, but its just that for me and millions like me there hopefully will eventually be a silver lining to the massive black cloud. That doesn't mean we are enjoying the rain.
(end of awful analogy...)

I'm not tarring you with the same brush, thats why I said some people. I cannot blame you for taking advantage of the situation. This is not clear cut. I just wanted to remind people of the misery out there because there are some or maybe I should say a few, who have gloated. I've been reading a lot of posts in the last few months and I just felt I had to say something. Sorry if I upset you. I did not mean to. Good luck.

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phil1873football wrote: »

So does that mean us in the middle are the lost generation now??? paying for the mistakes that the previous generation started and being punished by the generation coming through

I don't understand phil, lost generation ?, if you bought a home you entered into a long term agreement, generally 25 years, in that time house prices will go up and down and probably up and down again.

Why are you being punished ?, if you were buying now, would pay 2007 prices for a house, so that you didn't 'punish' the vendor ? I would guess the answer is no.

ess0two

neverdespairgirl wrote: »

Or perhaps, as you yourself said about your own position, this is about your anger and jealousy?

I've being fighting my debt mountain for nearly 4 years. It's been a steep learning curve and I'm starting to see the light at the end of the tunnel but all of a sudden I've become full of anger and jealousy. I just can't stop thinking of all the money I've wasted since I left home over 20 years ago...the books,cds, clothes, toys., meals out.......I'm a loving person and I have a hubbie who loves me, 2 kids who love me and sisters, brothers and a dad who I can call friends....so being a generous , fun person is probably part of what they love...

...so why do I feel so eaten up with rage....why am I jealous of people who have more material things, why can't I just accept I made my choices?

http://forums.moneysavingexpert.com/showpost.html?p=4241622&postcount=1

You come across as a callous person at times,suppose it must be ingrained via your legal profession.

tesuhoha

ad9898 wrote: »

I understand what you are saying, I just don't see much 'goal celebration'. Some people may be a little happier if they have secure jobs that when we finally hit bottom they can buy, but thats human nature, no one wants to pay over the odds for something. What I don't see is anyone laughing and finger pointing at that video you posted, which as I say is sad tale.

For every person who was happy to see prices go through the roof when they had already bought, there was another person desperately worried about the future of never being able to buy a home, and their only crime, being born later.

What I think is terribly sad is that there always has to be a loser. Please don't get me wrong, I have been concerned about the rising prices and the young people unable to buy for a long time. There have been some who have profited from house price increases and who have made money. I'm not talking about them. I'm just talking about people who have paid the going rate, that is their crime I suppose. You can call it stupidity if you like but I feel sorry for them.

There is nothing wrong with renting but the people that are going to profit from this with lower house prices, they obviously don't think renting is the ideal or they would carry on renting.

lostinrates

I've never seen NDG as callous, quite the contrary in fact, my personal experience is that she is kind and considerate. she often cuts to the chase in discussion, but thats very different to callous.

tesuhoha

I've obviously caused some upset and I apologise to those people.

mewbie_2

ess0two wrote: »

You come across as a callous person at times,suppose it must be ingrained via your legal profession.

NDG has never appeared callous to me in the hundreds of posts I have read. An even keel sort of person with no obvious axe to grind, one of the favourites on the board. Suggest strongly that you leave well alone.