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Debate House Prices
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Repo's fall further
Comments
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Eellogofusciouhipoppokunu wrote: »Deja vu...again....
And so the SMI discussion ends at exactly the point the last SMI discussion ended. Last time you just 'ghosted' out of the discussion, this time you have a hissy fit. The result is the same.
Please follow the rules and be nice to other moneysavers. Failure to do so will mean I'll have to put you on ignore. I'll be for your own good.;)0 -
Eellogofusciouhipoppokunu wrote: »I
There is a cost to potential BTL landlords because they can't pick up a repo on the cheap at auction, but then I can't see too many on here getting too upset by that.
I should think the vast majority of people everywhere would take great delight from this fact. However it's not really a cost, since buy-to-let as a sensible investment is as dead as the dodo for the foreseeable future. Removing the temptation of cheap repos from a few bozos who are in denial will actually be saving them from themselves.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
Back when I was a renter I found it annoying that all these mechanisms were being put in place to help mortgaged homeowners whereas I would be evicted toot de sweet if I fell behind with the rent.
Just saying.0 -
ruggedtoast wrote: »Back when I was a renter I found it annoying that all these mechanisms were being put in place to help mortgaged homeowners whereas I would be evicted toot de sweet if I fell behind with the rent.
Just saying.
It's politically expedient to help owner occupiers. People vote with their pockets and nothing counts for more in the economic well-being scale than the affordability of mortgages (mostly rational) and the value of houses (often irrational). Political parties probably haven't twigged yet that the rented sector is becoming more and more significant, and if they don't feel loved and wanted too it could have repurcussions.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
Graham_Devon wrote: »Good news, obviously for those struggling....
Not necessarily, and not 'obviously'. Often, going for repo is the best option available. If you can't pay, crystallising your losses now is often the cheapest option.0 -
Not necessarily, and not 'obviously'. Often, going for repo is the best option available. If you can't pay, crystallising your losses now is often the cheapest option.
Fair enough point. Could be that these people get helped along, only to find when they do eventually have to sell up, the house is worth even less than it would have been at a previous point, making it all the worse.
Wonder where the banks would stand in such a situation if the family finally being repossessed tried to claim it had all been strung out to their disadvantage?0 -
ruggedtoast wrote: »...whereas I would be evicted toot de sweet if I fell behind with the rent.
A renter's education eh?
ruggedtoast wrote: »Just saying.
Indeed.
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Graham_Devon wrote: »I'm not sure it proves the risks are lower, rather, as the article says, the way they deal with struggling clients has changed. The pendulum has swung so far the other way that, if the trend since 2008 continues, we'll see less repo's in a time of recession, lower employment, lower pay, than we would in times of growth, higher employment and increasing pay. Whether that's a good thing or not, I suppose is a personal view.
Sorry to sound like Hamish. Is employment a lot lower than in 2007 - haven't we seen a lot of population growth? Think it through what this might mean for house prices given the very low rates of construction...Graham_Devon wrote: »It has been discussed ad nauseum, but what's ignored ad nauseum is equity. Anyone with over 16k won't get housing benefit.
As others have suggested equity might make housing benefit cheaper than smi in the short term but long term it must be more expensive?I think....0 -
Graham_Devon wrote: »Good news, obviously for those struggling.
Those in arrears by over 10% of their outstanding mortgage balance reached a new high of 29,000. So there's danger beneath the water.0 -
Thrugelmir wrote: »Those in arrears by over 10% of their outstanding mortgage balance reached a new high of 29,000. So there's danger beneath the water.
Agree and it doesn't count those backpaddling like crazy at the top of the waterfall."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0
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