House Price Crash Discussion Thread

mr.broderick

carolt wrote: »

It's quite amusing reading illiterate posts that cannot even quote a straight figure correctly....

The monthly drop was 2.5%, not 1.1%!

Anyone reading this, might want to consider the wisdom of relying on the advice of someone who cannot tell the difference between 1.1% and 2.5% monthly drops.

You may think the worst month-on-month falls in house prices since the ERM crisis of 1992 are nothing much, but funnily enough, all the economic experts out there seem to disagree with you.....

I wonder who could be right???? Tough call, eh?

Care to explain why this is amusing? Having read this thread the 1.1 was the yearly...

Laughing_Man_2

Mr._H wrote: »

I don't see how Carolt was rude. She (?) just told it as it is. Chucky can't read properly.

As an aside, it's worth pointing out again that whilst they might have "officially" said that house prices rose 1.1% year-over-year, that number is based on heavily fudged other numbers. If you compare the average house price in March 2007 to March 2008, according to Halifax's index, you discover that year-over-year, there's actually been a 1.3% drop.

This is worth quoting: we have a drop YOY this month. no amount of fudging can mask it from the sheeple next month. All those, and there have been a few, who felt HPI would never end are now officially wrong.

The debate will now only be about how far the market has fallen, how fast it is falling, and how indivdual posters are (un)affected by the falls. This subboard is due to get VERY busy in the next couple of months.

Riq

Everyone takes everything so seriously on a forum, if I held grudges on everyone I have had an argument with on all the forums I have frequented over the years I'd need a spreadsheet to keep track!

Just let it go and move on.

I have a brilliant picture for this occassion, if I was at home I would post it, but I am not. So I can't.

borntobefree

HSBC RateMatcher extended to ALL customers!
http://news.bbc.co.uk/1/hi/business/7337861.stm


So the sub boards might not be going to get as busy as you anticipate:D

merlinthehappypig

borntobefree wrote: »

HSBC RateMatcher extended to ALL customers!
http://news.bbc.co.uk/1/hi/business/7337861.stm


So the sub boards might not be going to get as busy as you anticipate:D

It will be interesting, but I suspect that it is more of a headline than something that will genuinely help.

You need a minimum of a 20% deposit and this is going to rule out a large percentage of the people most likely to be unable to afford their mortgage or go into negative equity.

It will help the better off homeowners who wouldn't normally be expecting problems anyway, but does nothing for most people coming off fixed rates.

If anything it will further increase the gap between the 'haves' and 'have nots'.

The fee is an issue too and that hasn't been disclosed. When we looked for a mortgage deal last week many of the headline lower fixed rates were actually more expensive than some of the higher rates when the fees were apportioned out over the fixed period.

I suspect that this offer will be great for quality customers with large mortgages and few others.

mystic_trev

borntobefree wrote: »

HSBC RateMatcher extended to ALL customers!
http://news.bbc.co.uk/1/hi/business/7337861.stm


So the sub boards might not be going to get as busy as you anticipate:D

For a fee and max 80% LTV. Also the'offers' only available for five weeks!

I think the word gimmick springs to mind :rolleyes:

WTF?_2

mystic_trev wrote: »

For a fee and max 80% LTV. Also the'offers' only available for five weeks!

I think the word gimmick springs to mind :rolleyes:

Looks like they're trying to grab a share of the more 'prime' customers and estimate they have enough funds available to deal with a month or so's worth of applicants.

A shrewd move and one that has got the pro-HPC crowd dancing jigs. But of course the pro-HPC crowd aren't really too good at reading the small print and tend to miss details like '80% LTV max' and 'open for five weeks' .

It says a lot that they want a 20% deposit when up until recently lenders were happy to give out 100% LTVs. Hardly a vote of confidence in house prices I would say....

Generali

Just a point about the annual rise in the Halifax figures.

The average house price quoted by Halifax is less than 1 year ago (ie an annual price fall) but they use a 3 month rolling average from a year ago and compare that with a 3 month rolling average from this year to smooth the figures.

If they used a different statistical method (ie compare av house price in March 2008 with av house price in March 2007) they'd show a YoY fall in prices.

mystic_trev

David Hollingworth, from mortgage brokers London and Country, told the BBC those coming off fixed rate deals should study HSBC's offer carefully before signing up.

"HSBC has in the past not always been the most competitive in the market," he said.

"Homeowners should hold this latest offer up against what's available from other lenders."

carolt

BACKFRMTHEEDGE wrote: »

I think the poster got confused as it was a monthly drop of 2.2% but an annual rise in house prices of 1.1%. I'm not being funny but has nobody complained about your rudeness to other MSE users? It's unbelievable and I think totally unacceptable.:mad:

I was merely quoting the poster's own words back at them:

Originally Posted by chucky
it's quite amusing watching the doom mongers on here...

Except instead of using the words 'doom mongers' - which incidentally, I, as well as many others who believe prices will fall, find highly offensive, as well as entirely inaccurate, and which was of course chosen to offend - I used the word 'illiterate'.

This is not offensive, it is just a technical description of someone who cannot read, which clearly the poster cannot.

If you are going to be advising others on what will be the most important financial decision of their life you have a duty to at least not make up the figures! Opinions are one thing, and anyone can give an opinion, but giving the wrong figures is either (a) deliberate lying or (b) incompetence, caused by the inability to read/understand figures properly.

Would you have thought I was more polite if I had caused chucky a liar????

I don't see him/her complaining - they are a grown-up and can post here themselves if they feel my comment was unfair.

I'd be very interested to hear their argument for why they posted incorrect figures.

By all means, post your opinions. But slating others who disagree with you as 'rude' is to me just a nice way of avoiding the real argument, that actually matters - namely the subject of this thread. House prices are falling, and posting lies/errors (delete as preferred) won't change that one little bit.