Judge Says Cases are Showing Up to 80% falls in Property Values

[cactusflower]

Judge says cases showing falls in property values of up to 80% - The Irish Times - Tue, Oct 20, 2009

HIGH Court judge has said he is dealing “on a daily basis” with cases illustrating falls in property values of between 70-80 per cent.

Mr Justice Peter Kelly, who manages the list of the Commercial Court, the big-business division of the High Court, made the comment yesterday when dealing with a list involving some 70 commercial cases, including 18 new cases seeking admission to the court.

Many of the cases before the court relate to alleged failures to repay loans secured on properties bought at the height of the property boom.

One case admitted to the court in recent weeks involves the EBS seeking repayment of a €19.5 million loan made in June 2007 in circumstances where, it alleged, it had procured a valuation of some €6 million last June on the lands in Kilcock, Co Kildare, on which that loan was secured.

Lending increased exponentially in the last four years and valuations in 2006-8 lost all touch with reality.

[Digout]

Its 30%, Lenny says so.

[HarshBuzz]

Its 30%, Lenny says so.

80% of judges have told him this privately

[Cassandra Syndrome]

But Lenny said the market bottomed last month. This can't be true.....

90% plus drop in property. In Japan it was 80% and they didn't slip into a depression.

[CookieMonster]

Lenny says a lot of things...

[Gimpanzee]

In the meantime, home insurance goes up and up. It's another rip-off.

But I shopped around and eventually managed to knock 350 off my renewal quote.

so... it cost you less, but you still think it went up?

[Anorakphobia]

You cannot have Judges going a round saying stuff like this.
Ok it is undoubtedly 100% accurate but when you've got a corrupt FF and a power crazed junior party facing extinction, trying to transfer back billions of euro from the taxpayer to people who legitimately lost these amounts, this sort of statement really isn't helpful.

Peter should shut up, we need people like him in senior legal, accounting and regulatory positions making statemnents that are more supportive of the Government's bare faced lies.

btw
Doubt Peter is very popular with many of his fellow judges and senior counsels, many of whom are rumoured to be be up the creek due to playing property ponzi.

[needle_too]

so... it cost you less, but you still think it went up?

OH god....no.

Youre not a FF'er are you?

[DCon]

80% of judges have told him this privately

Was Mrs Lenihan one of these judges?

[DCon]

Lenny says a lot of things...

but he does very little.

Just what we need, a talker.