Irish House Price Crash - 13 times salary mortgages

mambury

so the link is gordon brown????

Or the greed of man.

Surely it has been decided that the main reason for the global downturn is the mismanagement of banks trading on a global scale and not worrying too much about loosing other peoples money?

The reason so many countries are affected in differing ways is due to the way banks have been operating globally and also the domino effect of major economies not importing/exporting as they have been up until recently.

Running_Horse

Does this mean we will see a new wave of immigrant Irish competing with the Poles?

mambury

well, the poles have started going home, and I don;t think us immigrant irish will be coming here in droves either as it is not a locallised economic problem anymore. I think a lot of people will be rethinking how they live their lives.

A_fiend_for_life

50% projection on unemployment

leftieM

A_fiend_for_life wrote: »

50% projection on unemployment

I remember that Limerick had a really tough time during the last recession too, in the '80s. It was a horrible place then.

thriftybabe

A_fiend_for_life wrote: »

50% projection on unemployment

Crikey really that much?

Rochdale_Pioneers

Its very simple. Gordon Brown is a disgusting failure of a man. He has personally failed to properly regulate the city and that has singlehandedly forced our banks to buy dodgy foreign investments being hawked by a certyain G Brown. This is the sole reason why the UK has crashed into a deep recession and why our banks have collapsed.

If most other countries in the world have seen a crashing recession hit them at the same time, and seen their own banks collapse, well thats just a coincidence. Don't let anyone try and persuade you that there are any external forces at play here - its all down to Brown and socialist ideology. Labour always break the economy and Tories always have to fix it. This time around that disgusting excuse for a man managed to extend his disgusting communist ideology around the world using that crypto-communist institution known as investment banking as his trojan horse, in collaboration with known pinkos as George W Bush and Alan Greenspan.

Hanging is too good for him.

SouthCoast

Anecdotal evidence that the Irish have bought heavily into holiday homes in €uroland:

http://forums.moneysavingexpert.com/showthread.html?t=1505685

Hadrian

Those of us who are old enough to remember what was entailed financially in buying a house years ago will have little or no sympathy with today's 'I want it now' mentality as regards credit, and mortgages. Also I understand they won't allow themselves to appreciate that before the 70's building societies as they were then, only granted, note the word 'granted' mortgages from monies given by investors and then only to credit-worthy applicants. Once BS's de-mutualised under Maggy, and became profit making banks they borrowed money from wherever to give mortgages. The 'free for all' ended in the ludicrous situation of 125% mortgages and god knows what multiples of salary or wages. Some people bought houses way beyond their means if their money situation were to collapse. Pre the 70's we never mortgaged 'up to the hilt', repossessions were virtually unheard of, now it's commonplace. The only way normality is going to returned to is for a minimum deposit, say 15/20%, to be put down on application, and their financial state to be inquired into. Eventually the housing market will return to those who can afford a mortgage which was well within their means. I genuinely feel sorry for those who are subject to repossession, but this mad, headlong rush for 'other peoples money', ie credit, had to end in tears. The government, as well, should bear some responsibility in not seeing this a'coming.

Thrugelmir

Running_Horse wrote: »

Does this mean we will see a new wave of immigrant Irish competing with the Poles?

The Poles are all returning home as Dell are relocating their manufacturing capacity from Ireland there. :rolleyes: