Why prices wont stop falling any time soon

Mini_Bear

Yes couple in question have two very young children, marriage is completely breaking down as wife can no longer spend spend spend on her credit card - she is off finding other suitors.
Partner and i have no idea what to do, i want to offer them advise but i dont want to be seen as a prying busybody.
its painful watching this happen, im all for lower house prices and stricter credit lending but not for the sheer misery it causes families especially the children.

Austin_Allegro

It is worrying when it starts happening to people you know.

A friend of mine, who I always assumed was wealthy and who lived a 'county' lifestyle, confided to me he had Mewed £250k!

He only came down to earth because his accountant told him he would be bankrupted unless he made serious cutbacks.

A lot of people are still in denial I think.

dopester

Mini_Bear wrote: »

Totally agree and i know a couple who have mewed all the way to the very top. They have a mortagage outstanding of 285k on a house similar to ours which in a firesale will go for 175k. We are very worried for them as they still seem in denial.

Mini_Bear wrote: »

its painful watching this happen, im all for lower house prices and stricter credit lending but not for the sheer misery it causes families especially the children.

Cause and effect. Your friends brought it upon themselves. They are getting what they deserve. And unfortunately, they showed little responsibility towards their own innocent children with their big MEWing actions.

If it helps, I'm cashed up ready to buy a house like theirs in a firesale for a fraction of the over-leveraged peak.

You want to focus on the misery that crashing house prices bring for families like your MEWed to hell friends, but it brings happiness for other families.

wolvoman

dopester wrote: »

Cause and effect. Your friends brought it upon themselves. They are getting what they deserve. And unfortunately, they showed little responsibility towards their own innocent children with their big MEWing actions.

If it helps, I'm cashed up ready to buy a house like theirs in a firesale for a fraction of the over-leveraged peak.

You want to focus on the misery that crashing house prices bring for families like your MEWed to hell friends, but it brings happiness for other families.

What happiness does it being to other families?
Are these other families homeless at the moment?

Or is it a sort of sneering happiness, that comes from buying something cheaper than someone else paid for it. That's not my definition of being happy.

dopester

wolvoman wrote: »

What happiness does it being to other families?
Are these other families homeless at the moment?

Or is it a sort of sneering happiness, that comes from buying something cheaper than someone else paid for it. That's not my definition of being happy.

The happiness of not having to take on epic, utterly crazy amounts of debt to afford to buy a house.

Not my fault people expect constant positive house price inflation.

In many instances I doubt I'll be buying cheaper than someone else paid for it, seeing as house prices have x100 in 50ish years.

Can't afford the house, MEW-ed it to hell? Your other families can rent of house-share or camp for all I care - and not be homeless as well.

zaphod_beeblebrox_2

pandamonia

Personally i dont care how many kids they got, its the parents fault if they Mew'ed all the money away.

Id happily buy that house at cut down price and not think twice.

cha ching,

one mans loss is another mans gain. this is the way of the world.

StevieJ

pandamonia wrote: »

Personally i dont care how many kids they got, its the parents fault if they Mew'ed all the money away.

Id happily buy that house at cut down price and not think twice.

cha ching,

one mans loss is another mans gain. this is the way of the world.

You sound like the son of a banker

RHYSDAD

MEWed?.........

Dithering_Dad

We MEWed £50k out of my equity to build an extension and to fit a new kitchen. It made more sense than moving house because a comparable one as large as ours is now would have cost us £10k to move to in stamp duty, estate agent fees, solicitors fees and removal costs alone, before we started on the increased mortgage on the new place. We decided to stay put and added the extension.

We'll have paid back all of the £50k we MEWed in a few months time, but will enjoy the extra space and modern kitchen for years to come, plus the building work more than paid for itself in what it added to the value of the house.

Anyway, I digress, we were talking about MEWers weren't we, yes what idiots. :rotfl: