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Thread: When banks foreclose on mortgages in default,house prices to be hit hard?

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    Default When banks foreclose on mortgages in default,house prices to be hit hard?

    See House Prices Are Nowhere Near A Bottom Says Analyst | Daily Ticker - Yahoo! Finance

    This housing analyst argues that in many parts of the US such as New York where banks have delayed on foreclosing,house prices have yet to be hit hard. In states where foreclosures have been common,prices have fallen steeply. The root cause of price declines is the greatest financial crisis ever,even greater than the one in the late 1920s that contributed to the Great Depression.Are there comparisons to be made with Ireland's housing?

    House prices in Ireland were depressed by the massive overhang of Celtic Tiger housing inventory. But there is shadow inventory too: potential sellers are unrealistically hoping for price recovery and about 20% of mortgages are in arrears.Irish banks are only beginning to foreclose on houses and a tsunami of foreclosures could be under way. That could depress prices severely as mortgage financing is scarce.

    To support prices,the government will probably extend the tax break on capital gains on buy to lets beyond the year end. But if it doesn't,the residence permit given to non-EU foreigners who buy an expensive house could be the only barrier to another round of price declines.

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    The residence permit for non EU nationals who 'buy' a house is total scumbaggery by the government.
    Fianna Fail - The Anti Democratic Party & The Anti Constitutional Party. Traitors of Irishmen and Irishwomen.

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    Yeah but prices in Dublin are increasing, in spite of all the negative news.

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    Quote Originally Posted by captainwillard View Post
    Yeah but prices in Dublin are increasing, in spite of all the negative news.
    That could be due to rushed buying for the buy to let tax break which expires at year end.If so,this buying is borrowing from buying in future years and could lead to depressed prices in January.

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    Quote Originally Posted by EUrJokingMeRight View Post
    The residence permit for non EU nationals who 'buy' a house is total scumbaggery by the government.
    but are not spain now trying to get in on this act, this gov and the last has sold out my country, as well as its citizens, it has transported it future, (ie its educated young workforce), so a few houses will not make any difference, they have a few juicey plums left, which will be placed on the block, most likely unknown to us, aka ray bourke and what was our oil reserves.

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    [QUOTE=borderbadger;6055712]
    Quote Originally Posted by captainwillard View Post
    Yeah but prices in Dublin are increasing, in spite of all the negative news.[/Q
    That's based on what , hearsay or reputable independent sources like daft.ie ???????????????

    No that is based on property database. Prices are hardening in mid range South Dublin. I know it is painful but it is happening. who knows? It is probably temporary phenomenon.

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    [QUOTE=captainwillard;6055781]
    Quote Originally Posted by borderbadger View Post


    No that is based on property database. Prices are hardening in mid range South Dublin. I know it is painful but it is happening. who knows? It is probably temporary phenomenon.
    They are jumping like lemmings over a cliff to nail down mortgage interest relief!

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    Quote Originally Posted by captainwillard View Post
    Yeah but prices in Dublin are increasing, in spite of all the negative news.
    Nonsense.
    Green represents drops. Red represent rises.
    DaftDrop: The Irish house, apartment & site price history tracker.
    Dozens of houses in price drops every 3 days in Dublin. Handful of rises.

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    Quote Originally Posted by patslatt View Post
    See House Prices Are Nowhere Near A Bottom Says Analyst | Daily Ticker - Yahoo! Finance

    This housing analyst argues that in many parts of the US such as New York where banks have delayed on foreclosing,house prices have yet to be hit hard. In states where foreclosures have been common,prices have fallen steeply. The root cause of price declines is the greatest financial crisis ever,even greater than the one in the late 1920s that contributed to the Great Depression.Are there comparisons to be made with Ireland's housing?

    House prices in Ireland were depressed by the massive overhang of Celtic Tiger housing inventory. But there is shadow inventory too: potential sellers are unrealistically hoping for price recovery and about 20% of mortgages are in arrears.Irish banks are only beginning to foreclose on houses and a tsunami of foreclosures could be under way. That could depress prices severely as mortgage financing is scarce.

    To support prices,the government will probably extend the tax break on capital gains on buy to lets beyond the year end. But if it doesn't,the residence permit given to non-EU foreigners who buy an expensive house could be the only barrier to another round of price declines.
    Hey, I've an idea: let's slash the pay of a sixth of the workforce overnight. You know the ones Pat. That'll do the trick.

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    Quote Originally Posted by patslatt View Post
    See House Prices Are Nowhere Near A Bottom Says Analyst | Daily Ticker - Yahoo! Finance

    ----

    To support prices,the government will probably extend the tax break on capital gains on buy to lets beyond the year end. But if it doesn't,the residence permit given to non-EU foreigners who buy an expensive house could be the only barrier to another round of price declines.
    Yeah - what's an expensive house ?
    Mammy, get the hammer there's a fly on daddy's head.

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