pslewis

Outstretched yourself have you??? Ha Ha Ha Ha - who was the to$$er again?? Take a look in the mirror - PLANK!!

What a wally!!!

Pete

dpb

I think over-streched would be more accurate.

Cyberevo

iTrader: (1)

Well, I got on the property ladder when I was 21, and I have been lucky enough to buy and sell at the right times, and NO, I don't have a big mortgage but there are millions out there who do and a big crash will destroy families.

Mortgage companies should not have been allowed to lend 5-7 times peoples salaries, it's just plain suicide to borrow that much but if it's there on a plate then people will take advantage of it.

Cyberevo

iTrader: (1)

The only thing outstretched middle finger pointing towards your face ;-)

Petem95

There are a LOT of people like this out there who dont understand all the figures being quoted, and this is one thing which is holding back the rate of falls at the moment.

By summer, the annual change figure (ie price changes over the LAST 12 MONTHS month-to-month) will be around 0% and by the end of the year will be something like -5% if falls continue at this pace. This is when those who dont understand the figures will start to worry when month after month the annual change figure becomes a larger negative.

Interest rate rise by summer is almost certain - anyone seen oil prices have shot back to new record levels recently?

House crash will come no doubt about it - asset bumbles have NEVER not ended with a bust.

Have to agree with PSLewis on this one, and remember he's seen this happen before.

dpb

proof-positive on that.?.........

Petem95

Or maybe infact he was born around the time of the last house price crash, depending on who you believe

V1CK1

He seems a bit nasty to me!

pslewis

I lived through the last big fall - in 1989 - I was trying to sell a house!!

The house I had was selling (next door neighbour) for £105,000 ...... I eventually sold for £62,000 in the falling market luckily, my mortgage was only £40,000 - as I have NEVER been stupid in my borrowing!

The house I sit in now is worth about £375k or thereabouts, I don't care if it drops to £99k!! It would mean that the property I could buy to rent or hold would be peanuts!!

I have lived through many booms and bust and I have to say that this one is confusing me ......... but, we cannot carry on like we are - its bound to crash!!

And I'm afraid, at this moment in my life, I have money to buy property .... and if it fell by 33% then I would step in and clean up - it will give its pay-out in 10 years time!! As property always goes up over a 10 year span.

But, I feel a drop has to come - the decrease every month is like a drip that will fill a dam and the banks will be bridged .... a lot of people will get hurt, but only those who borrowed beyond their means ..... and their stupidity is not my problem!!

To all out there who may wonder ..... work out how much your mortgage will cost at 8% APR - if you can't afford it then start worrying NOW!!!

Pete

MJB2

pslewis you really are a dick!

Buckrogers

Is there a crash, around the corner?!

pslewis

And NEWBIE to$$er what makes you say that?? You idiot!!

Pete

You just carry on working you way up the GTA:SA leader chart you frigging saddo loser!!

dpb

you had 60k invested ?..................not bad for a young man................Im assuming you werent a first time buyer...............

dpb

probably a few corners time......

pslewis

Who, what, when????

Pete

dpb

I was trying to make some sense of your post.

Will be intresting to see what happens on the 8% tho....


or maybe you really are an ole-git...............

pslewis

I AM an old git!!!

Really I am! I have seen it all .........................

and it all goes full circle!

Pete

washer

does any one remember when the rate was 15.5% there will be alot of homes for sale very sad if it goes upto 8% many peeps are taken to much on i own 3 houses which i rent and have seen the ups and downs over the years be wise

micared

Had some banter with you on and off Pete, but stuff like this displays a side of your character that you'd do better to keep to yourself, frankly.
I'm fortunate enough not to have money worries of any description, and I too may pursue a property purchase when the time is right, but to do so in the frame of mind you adopt is pretty grim. Circumstances change all the time, and it isn't always because an individual has been greedy, or made a bad decision that they can find themselves struggling. Think even a pious, judgemental old fool could accept that, but you probably won't.

D70

I don't think profiting from the misfortunes of others in society is a problem. It's what the entire system is based on. An adversarial system where I grab more than the next man and do my best to remove resources from him and his family.
As we are playing that game I'll be quite happy, like lewis here, to profit when the building societies start kicking families out of their homes. I'll be there with cash on the nose to snap up their houses and start rebuilding my portfolio which is sadly empty following disposal at the height of the boom.
Of course the crash isn't going to happen according to scoobynets great unwashed. Except of course it's already started.

CC

maybe not but gloating about it isn't a nice thing to do.

makes me laugh how brave people can be sat behind a monitor and keyboard at home, i wonder if all these wild and crazy bbs 'personalities' are as wild and crazy with people they have to react with (if they do interact with) in real life?

if i lose the lot if a crash comes along, i invite pslewis to gloat in front of my face.

bonkers

Man, those banks just have y'all bending over and lubed up - variable rate mortguages SUCK!

D70

He won't need to cc he'll be sat in his ivory tower quaffing champagne while the proles starve out on the street.
I also think you might be right about the gloating but that's also the way of our society. Stick the boot in on a Friday night and laugh about it while the victim goes to casualty in the back of an ambulance (when one eventually arrives).
Welcome to the UK in 2005.

micared

D70, agree with your initial statement, people making money makes the world go round. Doesn't automatically mean you have to have a **** attitude towards others who are less fortunate. PSL territory this though. He defines the stereotype.

D70

It helps though doesn't it to dehumanise them before you stab them in the back and crush their dreams?
I think it's part of human nature to regard the loser as expendable in every way.

speedking

I have loads of friends who say "Why did you buy your Subaru for cash, if you'd borrowed you could have had an M3", "Why did you only borrow 30% of the value of your house, you could have had a much bigger one" etc.

Like PSL I am cautious on spending. I drove my 205 for 10 years. My computer is a PII 233 with W95. Friends have all got it so much better with their credit card bills and large loans.

As you sow, so shall ye reap. Chickens are coming home to roost so don't expect any sympathy from me. Certainly don't expect me to support any sort of government bail out. This is all a rehearsal for the pensions problems that are building up. Rather have a plasma screen than make a pensions contribution anyone?

I accept that there are some who are the victim of unfortunate events, but they are few and far between, compared to the greedy, 'must have now' crowd. Even messy divorce is the result of a bad decision at some point.

Many who lose their home will have been looking down on us cautious borrowers for some years.

Having said that I still don't see a crash.

The late eighties was severely distorted by the ending of double MIRAS and mortgage interest rates of 13% that will not be coming back any time soon.

D70

quote : "Having said that I still don't see a crash."

Take a look at house prices in London and the SE if you want to see a crash. It's happening right now. I've seen a property I sold drop by over 30K in value over the last 6 months. Percentage wise that's getting on for 20% of what I sold it for.
Just like everything else in the UK the effects will ripple outward from the SE.

For most people it shouldn't really make a difference as any value their properties have is purely notional as they cannot realise the equity. The ones who are going to suffer are the numpties who are overstretched and they deserve it IMHO.

Alan Pastor

quote : "Having said that I still don't see a crash."

Take a look at house prices in London and the SE if you want to see a crash. It's happening right now. I've seen a property I sold drop by over 30K in value over the last 6 months. Percentage wise that's getting on for 20% of what I sold it for.
Just like everything else in the UK the effects will ripple outward from the SE.

For most people it shouldn't really make a difference as any value their properties have is purely notional as they cannot realise the equity. The ones who are going to suffer are the numpties who are overstretched and they deserve it IMHO.

davegtt

House prices drop, so frickin what. whys that gonna effect those who have spent more than cautiously, interest rates need to rise sharply to effect people.

Petem95

WHy do people assume we need interest rates to rocket for there to be a crash?

What many seem to forget is that the rate of INFLATION is very low at the moment, so this means the amount of money borrowed is not being eroded like it was in the late 80's when the rate of inflation was much higher - meaning every year you were getting a big pay rise, and your mortgage ineffect got smaller and smaller. So the high interest rates were off-set by the high inflation rates!

Of course there'll be a bloody house price crash!! As was mentioned yesterday people's pay rates actually FELL last year, AND interest rates are almost sure to rise further.

Cant believe some people are like "oh there wont be a price crash - the latest report from MORTGAGE LENDER / ESTATE AGENT said the current falls are only a blip".... Ever wondered it may be in their interest to talk up the market?