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Debate House Prices
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CML Repossessions to SOAR
SecondLegDownIsTheBigOne
Posts: 334 Forumite
According to the Council of Mortgage Lenders 2012 will see repossessions soar by 20%.
http://www.bbc.co.uk/news/business-16197258
A devastating blow for house prices.
http://www.bbc.co.uk/news/business-16197258
A devastating blow for house prices.
1. The house price crash will begin.
2. There will be a dead cat bounce.
3. The second leg down will commence.
4. I will buy your house for a song.
2. There will be a dead cat bounce.
3. The second leg down will commence.
4. I will buy your house for a song.
0
Comments
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CML cuts reposessions forecast for 2009
http://www.cml.org.uk/cml/media/press/2456
CML cuts repossessions forecast for 2010
http://www.politics.co.uk/opinion-formers/council-of-mortgage-lenders-cml/article/cml-reports-decline-in-arrears-and-repossessions
CML cuts reposessions forecast for 2011
http://www.themovechannel.com/news/04ef3d9f-410d/
Gee, I wonder what's going to happen in 2012?0 -
hopefully some [STRIKE]successful businessmen[/STRIKE] BTL spivs will get repo'd and there'll be bargains to be had. :j0
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CML cuts reposessions forecast for 2009
http://www.cml.org.uk/cml/media/press/2456
CML cuts repossessions forecast for 2010
http://www.politics.co.uk/opinion-formers/council-of-mortgage-lenders-cml/article/cml-reports-decline-in-arrears-and-repossessions
CML cuts reposessions forecast for 2011
http://www.themovechannel.com/news/04ef3d9f-410d/
Gee, I wonder what's going to happen in 2012?
No doubt the CML will "revise" their figures down by a few hundred; makes good PR. The state is running out of intervention ammo.1. The house price crash will begin.
2. There will be a dead cat bounce.
3. The second leg down will commence.
4. I will buy your house for a song.0 -
SecondLegDownIsTheBigOne wrote: »No doubt the CML will "revise" their figures down by a few hundred; makes good PR. The state is running out of intervention ammo.
Revised down by 27,000 total in 2009
Revised down by 14,000 total in 2010
Revised down by 4,000 total in 2011
Hardly 'a few hundred'.0 -
Revised down by 27,000 total in 2009
Revised down by 14,000 total in 2010
Revised down by 4,000 total in 2011
Hardly 'a few hundred'.
If their revisions continue to follow this pattern then it soon will be!
:rotfl::rotfl::rotfl::rotfl:
This is clearly bad news for notworkinghardworking homeownerdebtors currently squatting in houses that they can no longer afford.1. The house price crash will begin.
2. There will be a dead cat bounce.
3. The second leg down will commence.
4. I will buy your house for a song.0 -
Yawn.... Whenever you see the word "soar" it means that the actual number is tiny and to make the point the writer is having to use hyperbole.
We're well into the bear meme here that there are government props to house prices, and it's complete nonsense.
1) Interest rates - same policy in the US and what's happened to prices there?
2) Interest payments on unemployment, average payment less than £30 a week, most goes to pensioners, total is a tiny proportion of mortgage loan book and tiny fraction of housing benefit
And, err, that's it really. Meanwhile arrears are tiny, and repossessions are low. There are only two actual props that work, one of which is keeping people in jobs which by and large we're doing at the moment, and the other is not building enough houses which is by far the most important one. While that's true, rent will increase and we'll keep a price floor based on rental yield. You may not like that, you may be prepared to hold your breath and scream all day until prices correct 30-50% to a price you think you'd pay, but it won't happen.
Honestly, everything else can soar swoop or zoom all day and it won't make an iota of difference. That penny will drop eventually.0 -
A sudden drop in IRs doesn't make a 30 year fixed rate mortgage, such like those in the US, nicer.1. The house price crash will begin.
2. There will be a dead cat bounce.
3. The second leg down will commence.
4. I will buy your house for a song.0 -
SecondLegDownIsTheBigOne wrote: »A sudden drop in IRs doesn't make a 30 year fixed rate mortgage, such like those in the US, nicer.
.......and?0 -
... and?
...1. The house price crash will begin.
2. There will be a dead cat bounce.
3. The second leg down will commence.
4. I will buy your house for a song.0
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