Repos up a staggering 92% iYear on Year

wannabe_sybil

I really, really need to move house for mental health reasons. Our house was valued yesterday as '£65k, may be possible to get £70k'. This figure, in this area, is not going to get better.

But with this figure out, I don't know what to do. If all these poor people are being repossessed, what is going to happen?

I don't really expect a definitive answer on these well worn arguments, but someone like me who is pretty desperate to move is now wondering what on earth to do! If my sanity survives I would say I would try and tough it out, but that is not necessarily going to happen.

Also, I don't like the idea of profitting from someone else's pain. There but for the grace of God....

whathavewedone

Well if you desperately want to move for the sake of your sanity and you can afford to move, try to move. I wouldn't feel guilty about buying a repo either - I'd have misgivings about it, silly supersticious (sp?) feelings about karma and things but I would try to get over them.

If you are truly miserable where you then that to me is a similar situation to having to move due to a divorce/separation. Strictly speaking a couple could live seperate lives in the same house indefinitely but if you have to choose between making a loss financially and losing your sanity/leading an utterly miserable life for god knows how long I would take a hit financially personally.

When I said people shouldn't sell in a falling market I meant people who might quite like to sell in a different market because they're a little tight for space or people who are happy where they are - I didn't mean people who are utterly miserable in their homes.

1echidna

Does Really 2 really need to indulge in personal abuse? Can't report at the moment as I am on a mobile away from home.

Really2

1echidna wrote: »

Does Really 2 really need to indulge in personal abuse? Can't report at the moment as I am on a mobile away from home.

Shame you were not here earlier in the week when I recived a load off a poster on this very thread.:rolleyes: (but it only seems to be picked up one way wonder why that is)

To the person who need to move for mental reasons. I would say you can sell but would have to look at selling below any simar house on the market.

I reality there is little chance you have a repo on your street. But if you really need to move at any cost, I think that is what it will be "at any cost" at the moment sorry.:(

Really2

CF, !!!!!!

Lets look a similar market cars.

They have a use like a house, they get you from A-B but does everyone drive the same car and is it just to suit a need.(!!!!!! wants a AUDI TT)
It is not just for the pacticality for most is it it's look, speed, space, etc.

So in the good times people may push the boat out buy a car every few years or get one they really want not just one they need (otherwise we would all drive small 4 door economical cars)

Look at the car market now.
People are not looking at that new car they are making do if it is still fit for purpose.
Yes there are forced sellers and unless they are buying cash without anything to sell they are getting stung on the car they are selling(part ex)

This simple comparison can be used on the housing market yes people moved because they may of wanted a bigger house etc not just because they needed too. But in times of trouble they think twice and look to make do than taking a hit they do not need to take. Unless they are forced.

So sorry the housing market does relly on people wanting to move and people that need to move.
The people that want to move will get less when the ones that need(forced) to gets larger(well in a recession they do).
That is why people wou would like to upsell etc will not luck to move untill prices are stablized.
This is the opposit for people who want to down size (it most pobably a good time for them to move if they can get a buyer) but it is still a terrible market to sell in.

1echidna

I am a simple sort of person and as I see price is driven by supply and demand. At the moment buyers are limited by obtaining the necessary finance and this shows no signs of easing with credit being hard to obtain and unemployment rising. The number of people trying to sell may well have also decreased as perhaps many think it is best not to crystallise losses on their houses and sit it out. However there are a number of reasons why there will always be houses on the market: death, repos, need for rellocation for a variety of reasons.

I myself am looking to move in about six months time so that my wife and I can be nearer my daughter and can take my father in law in. We do not have a mortgage and expect to put some additional capital into the property from our savings. We have not judged our move on any financial/losses gains or calculation of the bottom of the housing market. We are planning our move at a time which best suits the needs of our family. There are many people who I expect plan their moves in similar ways.

Really2

1echidna wrote: »

I am a simple sort of person and as I see price is driven by supply and demand. At the moment buyers are limited by obtaining the necessary finance and this shows no signs of easing with credit being hard to obtain and unemployment rising. The number of people trying to sell may well have also decreased as perhaps many think it is best not to crystallise losses on their houses and sit it out. However there are a number of reasons why there will always be houses on the market: death, repos, need for rellocation for a variety of reasons.

I myself am looking to move in about six months time so that my wife and I can be nearer my daughter and can take my father in law in. We do not have a mortgage and expect to put some additional capital into the property from our savings. We have not judged our move on any financial/losses gains or calculation of the bottom of the housing market. We are planning our move at a time which best suits the needs of our family. There are many people who I expect plan their moves in similar ways.

Totaly agree with you on all of that the bold bit is what I see will be what drives prices down over the next 12 months as their will be more repos on the market than any time over the last 10 years+. Also most probaly looking to move for work, hopefully death will not increase though.

dopester

Really2 wrote: »

Is that hard to understand? It's a Buyers market why sell?

Because if you sell and get out now (to rent) you'll probably bank a lot more money than your house will be worth in 1 year, 2 year... and some think in 10 years +.

By not selling... your house does not magically maintain it's value.

Have you not heard.... the banks are ****** and the economy is ****** and you lot really think current values can be maintained anywhere near the levels they are.

Crazy. A real education is coming the way of home-owners who think they can ride it out and the crash won't see their home fall in value with the rest of the market.

We get a 30% to 90% crash... and you think your house is worth the same as near peak? You cling to the delusion that in the long-term (10 years+) it will be ok and values will have recovered, because that has what has happened many time in the upward cycle after WW2. Dreamers. House prices can crash and stay crashed for decades.

dopester

Really2 wrote: »

This is the opposit for people who want to down size (it most pobably a good time for them to move if they can get a buyer) but it is still a terrible market to sell in.

It is only a terrible market to sell in because previous market conditions have changed.

I want to buy a car... (to give to a family member) but I recognise that asking prices, on the whole, are way-out-of-whack with prevailing economic conditions.

New car prices need to be slashed. This is deflation. Get used to it. Prices need to fall.

1echidna

dopester wrote: »

Because if you sell and get out now (to rent) you'll probably bank a lot more money than your house will be worth in 1 year, 2 year... and some think in 10 years +.

By not selling... your house does not magically maintain it's value.

Have you not heard.... the banks are ****** and the economy is ****** and you lot really think current values can be maintained anywhere near the levels they are.

Crazy. A real education is coming the way of home-owners who think they can ride it out and the crash won't see their home fall in value with the rest of the market.

We get a 30% to 90% crash... and you think your house is worth the same as near peak? You cling to the delusion that in the long-term (10 years+) it will be ok and values will have recovered, because that has what has happened many time in the upward cycle after WW2. Dreamers. House prices can crash and stay crashed for decades.

This may well be the case. Equally it is possible that with the trashing of the pound on the foreign exchange markets and quantitative easing inflation may rear its ugly head in a year or two. Bricks and mortar may be seen again as an asset with sound investment potential, or at least better than the alternatives. Who knows?