Thousands facing negative equity

tradetime

I for one would welcome a crash. Sure, I'd feel a little sorry for people in negative equity - although if they hadn't have been stupid enough to get 120% mortgages in the first place house prices might have fallen to more reasonable levels quicker

Be careful what you wish for.........in the aftermath of a "crash" buying a house may be the least of your concerns, and pretty low on your list of priorites.

dopester

tradetime wrote: »

Be careful what you wish for.........in the aftermath of a "crash" buying a house may be the least of your concerns, and pretty low on your list of priorites.

Why? Cause we'll have loads to fear from a load of broke, debt-laden, hungry, Big Brother watchin homeless people?

WTF?_2

dopester wrote: »

Why? Cause we'll have loads to fear from a load of broke, debt-laden, hungry, Big Brother watchin homeless people?

Worryingly, yes....

Have you seen the state society is in? Community spirit is all but history and there are plenty out there who already don't give a flying fig about the law when it comes to their own self interest. Imagine what would happen if a real slump hit and food and energy became hard to get. Being able to buy a house cheap would be the least of your problems if things break down, which they well could.

dopester

We've been through periods of severe depression before. The only shock is that people are used to their utter luxuries, but we can get by.

We have to for the sake of our children. That is ingrained in us to the core. I doubt anarchy will overcome law and order and British society. And it's ingrained in us that together we are stronger. If it got so bad as to leave ourselves vulnerable from dark external forces interested in our territory, then we'd really have something to fear. Not all countries will be suffering so badly from the credit-crunch. Russia, Germany feel it a bit, but they won't be melting in to chaos.

WTF?_2

dopester wrote: »

We've been through periods of severe depression before. The only shock is that people are used to their utter luxuries, but we can get by.

We have to for the sake of our children. That is ingrained in us to the core. I doubt anarchy will overcome law and order and British society. And it's ingrained in us that together we are stronger. If it got so bad as to leave ourselves vulnerable from dark external forces interested in our territory, then we'd really have something to fear. Not all countries will be suffering so badly from the credit-crunch. Russia, Germany feel it a bit, but they won't be melting in to chaos.

I'm not so sure. We've had a decade or more of 'looking after number one' and no-one can doubt that community spirit has by and large been disregarded in recent times.

Maybe hard times will bring communities back together and make them realise the value in what other people have to offer. But I think it's more likely it will induce 'rats in a cage' mentality on a bigger scale then previously seen......

tradetime

dopester wrote: »

Why? Cause we'll have loads to fear from a load of broke, debt-laden, hungry, Big Brother watchin homeless people?

LOL, possibly, but probably more to fear from a load of collapsed banks , a pound at parity or worse with the Euro leading to runaway inflation, that makes current levels look like a walk in the park. Add to that widespread unemployment since a crash will almost certainly drag us into recession, and a rapid rise in xenophobic attacks by the disaffected jobless masses who, struggling to put food on the table, believe if it wasn't for all the immigration inflows, they'd still have a job. The HPC and HPI crowd share one thing in common, extremes, no happy median. It's either boom or bust, and as unpleasant as boom is for those left behind, I can assure you bust aiint going to pleasant for anybody.

tradetime

dopester wrote: »

We've been through periods of severe depression before. The only shock is that people are used to their utter luxuries, but we can get by.

We have to for the sake of our children. That is ingrained in us to the core. I doubt anarchy will overcome law and order and British society. And it's ingrained in us that together we are stronger. If it got so bad as to leave ourselves vulnerable from dark external forces interested in our territory, then we'd really have something to fear. Not all countries will be suffering so badly from the credit-crunch. Russia, Germany feel it a bit, but they won't be melting in to chaos.

If it were 30 or 40 years ago mate, I'd agree with you, but UK Plc is not what it used to be, the company doesn't produce that much anymore, and the staff are not anywhere near as easily satisfied.

esbo

!!!!!!? wrote: »

Yeah - prices can double in a few years purely because of ready availability of cheap, no questions asked credit but no way are they going to fall back once that credit is taken away.

Why, any fule nose when you pull away the support, whatever it was holding up stays suspended :rotfl:

I would be surprised if high percentage loans were lent to risky borrowers as prices
became very high.

Ian_Griffiths_Halifax

The report in the first post is serious scaremongering from a journalist who should be gagged.

For starters, not all of the 23000 who took out 100% mortgages will be in negative equity. Some areas are still rising or are stagnent.

Also, 23000 mortgages is a tiny percentage of the total number of mortgages taken out last year.

Finally, how many of those borrowers would be looking to move house or remortgage within 12 months? The 23000 were up to the end of March 2008! There will be a tiny number of those 23000 who will be wanting to move within 4 years let alone 2 months (end of March to date).

Newspapers, Property Programmes, TV News and the likes, all sell their space on sensationalism. You would be far less likely to see a TV Headline News of "Dog has 12 pups" than "STEAMROLLER Flattens Dog With 12 Pups".

Pobby

The thing for me is that it all was so plain obvious. I watched a few of them with their stupid mortgages, in fact a few of them are trying to bail out and it`s not happening. Buying up flash motors, going on 2 or 3 holidays a year. I admit some had pre tax incomes of maybe 70k but they all had one thing in common. They saved f---- all!!! In fact many of them spent that and then mewed. It p---es my off big time, because of these people and the t*ats who lent to them we are all going to suffer!!!!