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50% house price falls
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And as ever, when the wheels come off, it's "institutions" like Northern Rock that are saved from "going to the wall" (Alastair Darling's phrase, not mine) -- never those who, one day soon or one day later, find their own walls won't be there for them to go to at all.
Thanks Codger, brilliantly argued, eloquently put, and with a conclusion that hit me in the pit of my stomach for its sadness.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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Excellent post Codger, a very succinct summary.'Never keep up with Joneses. Drag them down to your level. It's cheaper.' Quentin Crisp0
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And as ever, when the wheels come off, it's "institutions" like Northern Rock that are saved from "going to the wall" (Alastair Darling's phrase, not mine) -- never those who, one day soon or one day later, find their own walls won't be there for them to go to at all.
Indeed - when banks foreclose on loans to regular businesses, as is increasingly likely to happen should the economy turn bad, can we expect the government to underwrite the business and provide liquidity in the ensuing cash flow crisis? Not likely.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Great post codger and well explained. If I had my way I'd whip :eek: the Board of NRK and their 'likes' to within an inch of their lives. They put their personal greed before anything else!0
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Well put Codger. An excellent description of capitalism, how it works and how it thrives..................
....I'm smiling because I have no idea what's going on ...:)0 -
Couldn't agree more.0
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dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
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Blah Blah Blah, we are all doomed etc.
Are these the same falls that were being predicted 3 years ago? Whilst I admit prices have more or less peaked, this 50% fall nonsense is just a fantasy which the STR's and "Wait until the crash happens before we buy" brigade cling on to in the hope of making a killing on the housing market.
Up where I live in the north east there was a 10-20% fall at most in the early 90's.0 -
Codger - what a load of old testicles!
Banks and BS have merely provided a service, and are in business to make money. They do not force anybody to borrow beyond their means.
We live in a free society and that means we must be free to make mistakes and suffer their consequences.
The current housing market boom is nobody's fault, its just market economics at work.
What is your solution to this? Nationalise the housing stock of this country? Have the banks opperate in an anti-competitive way all charging the same interest rate set by the government?0
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