Mortgages repaid at record rate

Graham_Devon

JonnyBravo wrote: »

Yes I think he said it was a fabrication.
But it is the impression you give.
You can say it's not what you intend, but you can't ask me to change my perception just because you don't like it.

I honestly wouldn't expect your perception to change regardless of what I said.

Let's just remember this thread when the BOE inflation figures show inflation has fallen this month. The BOE will suddently turn out to be credible again, and none of you trying to suggest the BOE figures are wrong here, will be suggesting that when they release figures on inflation.

JonnyBravo

Graham_Devon wrote: »

I honestly wouldn't expect your perception to change regardless of what I said.

Let's just remember this thread when the BOE inflation figures show inflation has fallen this month. The BOE will suddently turn out to be credible again, and none of you trying to suggest the BOE figures are wrong here, will be suggesting that when they release figures on inflation.

I've not doubted the inflation figures. If anything the "doomsayers" seem to be the group with a problem with the inflation figures. ie its really running at 38% a month etc etc.
I quite like high inflation but that's because I'm a net debtor with enough disposable income to protect my lifestyle.

RenovationMan

Graham_Devon wrote: »

I honestly wouldn't expect your perception to change regardless of what I said.

Let's just remember this thread when the BOE inflation figures show inflation has fallen this month. The BOE will suddently turn out to be credible again, and none of you trying to suggest the BOE figures are wrong here, will be suggesting that when they release figures on inflation.

You're building a straw man argument here Graham. No one is disputing the BoE report, we're disputing your interpretation of their findings.

Straw man: A straw man argument is an informal fallacy based on misrepresentation of an opponent's position.
Example.
Person A: Sunny days are good.
Person B: If all days were sunny, we'd never have rain, and without rain, we'd have famine and death. Therefore, you are wrong.
Problem: B has misrepresented A's claim by falsely suggesting that A claimed that only sunny days are good, and then B refuted the misrepresented version of the claim, rather than refuting A's original assertion.

wotsthat

Graham_Devon wrote: »

Let's just remember this thread when the BOE inflation figures show inflation has fallen this month. The BOE will suddently turn out to be credible again, and none of you trying to suggest the BOE figures are wrong here, will be suggesting that when they release figures on inflation.

Who's saying the BoE isn't credible?

The argument is that the conclusions they've reached don't, as far as overpayments are concerned, fully reflect what is happening in reality. Interpreting that as saying the BoE has no credibility is a stretch to say the least.

If I'd been one of the boards most prolific critics of the BoE and then accused someone of being desperate because they questioned the finer points of a BoE conclusion I'd expect my impartiality to be questioned. Who wouldn't?

IveSeenTheLight

Graham_Devon wrote: »

OK, try this for size, direct from the BOE:

"The decline in HEW – and move to injections of housing equity - since the start of the financial crisis (Chart 1) has not been associated with an increase in repayments of secured debt."

Graham,

I have not increased paymentseach month since the credit crunch, however, as a result of the mortgage rates reducing, the same amount I paid in the past is reducing the debt further than before.

Does that fit in with the BOE statement.

Net result, debts are being paid down quicker

RenovationMan

IveSeenTheLight wrote: »

Graham,

I have not increased paymentseach month since the credit crunch, however, as a result of the mortgage rates reducing, the same amount I paid in the past is reducing the debt further than before.

Does that fit in with the BOE statement.

Net result, debts are being paid down quicker

And because no one is moving house, which was a major cause of HEW according the the BoE report, less money is being withdrawn from equity and spent on stamp duty, estate agent and solicitor costs. That equity is remaining in houses and providing home owners with greater financial security.

joguest

Reductions in net mortgage lending are good news for those wanting house prices to fall. It's deflationary - it inevitably leads to higher unemployment and lower house prices as the banks reduce their fractional reserve ratio. But then again, if you want to twist every piece of news into a reason why house prices will go up then it's great news.

RenovationMan

joguest wrote: »

Reductions in net mortgage lending are good news for those wanting house prices to fall. It's deflationary - it inevitably leads to higher unemployment and lower house prices as the banks reduce their fractional reserve ratio. But then again, if you want to twist every piece of news into a reason why house prices will go up then it's great news.

Is anyone actually doing that on this thread?

What is it with these bears and their straw man arguments?

Straw man: A straw man argument is an informal fallacy based on misrepresentation of an opponent's position.
Example.
Person A: Sunny days are good.
Person B: If all days were sunny, we'd never have rain, and without rain, we'd have famine and death. Therefore, you are wrong.
Problem: B has misrepresented A's claim by falsely suggesting that A claimed that only sunny days are good, and then B refuted the misrepresented version of the claim, rather than refuting A's original assertion.