"Thousands in Serious Trouble" - Economic Downturn

[rockofcashel]

I think you should grow up and listen to a few simple facts.

How many people do you know ?1) bought houses beyond their means

2)borrowed for furniture and large flat screen TVs
3)borrowed for 2 holidays a year
4)continued their social life as if they had no morgage or borrowings
5)change their car every 2 years
6)bring their credit cards to their limits
7)continue to buy designer lable clothes
and many many other stupid acts ,so please do not blame society on their own stupidity.
8)

Did you forget to add...

9. Who listened to Charlie Mc Creevy telling people spend away, ************************ the begrudgers, we've loadsamoney ?

is that what the ssia's were all about roc?

It was the original intention of the SSIA'a .. however, so many peolle were up to their oxters in debt already, that the SSIA's ended up being used to pay back loans and credit card bills.

Wait until you see the exchequer return falls later on in the year as consumer spending contracts.

[Aindriu]

Misty, I am not 1 red cent in debt but I still can't afford a house here and my wife and I are on reasonable salaries!!

The truth is that property in Ireland is well over inflated price wise compared to europe.

[rockofcashel]

misty.. my dear...

People will blame anyone but themselves when the crap hits the fan

[White Rose]

We need a good recession or there will be no decent art produced in this country for the foreseeable future

[rockyracoon]

If, as some suggest that we have a speculative property bubble that is about to burst, the PD's and FF are not going to sneak out the back door on this one. It is they, and they alone, who did nothing to regulate the market. At the end of the day, even if this bubble only partially deflates, we are left with a grossly over priced housing market that will impact on the nation's quality of life for decades to come.

[outside looking in]

so people, put your money where your mouths are. how bad will it get, how over-priced is the market at the moment? what's the worst case scenario??

i'm in the middle of picking a mortgage for an affordable housing purchase btw..... so honesty please and no dramatics, it's hard enough already!!

[Sidewinder]

so people, put your money where your mouths are. how bad will it get, how over-priced is the market at the moment? what's the worst case scenario??

Have we not done this repeatedly over the last year?

60% in real terms from the peak (April/May 06), over somewhere between 4 and 9 years, but probably around 6. Same as every other housing bubble really.

[outside looking in]

well thanks for repeating yourself then.

[Catalpa]

300,000 empty houses.

In the past decade the price of houses has eased up a mere 270% in response to an explosive 7% increase in population.

An overheated economy dependent on housing for 20 to 30% of its employment.

Slashing non-housing related jobs while the housing related jobs are being decimated? I imagine that'll be an interesting sales pitch

I think the population of the State has increased a bit more than 7% in the last decade!

And I seriously doubt that 300,000 dwellings are in fact 'vacant'!

[blindjustice]

the PD's and FF are not going to sneak out the back door on this one. It is they, and they alone, who did nothing to regulate the market.

You could argue that it was not because the did nothing to regulate the market but because it was not an entirely free market that it became a bubble.

The market was rigged. Everything from the planning system/how land is zoned to how houses and land is taxed including govt incentives for buying houses and even affordable housing.

Is it not better for people on low wages to be able to afford a property without having to apply to the govt?

The banks merely enticed more customers with 100% mortgages and longer term mortgages - they are in it to make money.
The same goes for Estate agents and developers and builders. They were never in it to "help" people nor should they be. Its business.

Either regulate it properly and carefully or let the free market free.
The way they "regulated" it consisted of tilting the whole thing in favour of the developers and a higher tax return.