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 icsvortex
Joined: 6/13/2009
Msg: 1
house pricesPage 1 of 1    
People worry alot about falling house prices, I personally think it is a good thing. How can houses becoming more affordable be a bad thing? The worst thing the government can do is try to stop this correction.

Government should take away all subsidies for mortgages, why should people who save money subsidize people who borrow money? This is deeply immoral and it is reckless borrowing and spending that put us in the position we are today.
 saemurph
Joined: 2/27/2008
Msg: 2
house prices
Posted: 7/1/2009 1:34:02 AM
thats fine and dandy for the likes of me who would have to suffer a catastrophic collapse in the market for me to have negative equity. There are poor fookers out there who will be paying a mortage for the next 20 odd years before the value of their houses are worth what they paid for it.

but by and large you are right... the price of housing had gone ridiculous and needed to come back.
 mir02198
Joined: 2/22/2009
Msg: 3
house prices
Posted: 7/1/2009 3:16:41 AM
I agree with both above posts...it's tough on the people with negative equity ...no doubt about it but housing was way out of control ...it had to change...and I have to agree with ics in terms of people living beyond their means...and as much a the banks and the big lenders are very much to blame ...some people got caught up in the whole chebang of availing of cash flow to have not only their big houses ,but have it furnished from top to bottom , patio in the back, conservatory, two cars outside their doors ,and foreign holidays aswell. The people who aren't suffering now are the people who didn't lose the run of themselves and remained living within their means. The big borrowers had their day in the sun but are paying for it now.
Having said that there are also the poor sods who had no choice but to take out huge mortgages to just get on the property ladder ...they are true victims of the celtic tiger...
But this happened in England in the 80's....they more or less came out of it ...we will too !!
 saemurph
Joined: 2/27/2008
Msg: 4
house prices
Posted: 7/1/2009 3:37:23 AM
I agree Mir... youngsters who didn't know they were born had to have this that and the other in order to 'conform' with modern society and are now paying a huge price for it. I was never offered a gold credit card with huge amounts of credit available because I never once paid interest on it. As my mother in law always said... you cut your cloth to suit your measure... I've always done that.

I know too many poor sods (my two youngest brothers and my youngest sister) who didn't loose the run of themselves but still have huge mortgages just to get on the property ladder.. That noose will be around their necks for a long time to come.
 Quite Intrigued
Joined: 6/4/2009
Msg: 5
house prices
Posted: 7/3/2009 6:25:21 PM
People who save subsidize people who borrow because savers are rewarded for doing so... It's called interest.

If you don't want to 'subsidize' savers invest in a safe for your house.
 Munsterbear
Joined: 10/6/2008
Msg: 6
house prices
Posted: 7/4/2009 7:56:12 AM
Negative equity is only a problem if you actually want to sell. No point worrying about it, if you are happy to be living in the property you bought.
 grimisocks
Joined: 2/25/2009
Msg: 7
house prices
Posted: 7/7/2009 2:10:45 PM
i thought that as well munsterbear. but then i was told that someone in neg equity runs the risk of being black listed for loans etc
 Lion_of_York
Joined: 6/18/2009
Msg: 8
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History
house prices
Posted: 7/8/2009 12:25:54 AM
Very good point munsterbear. You too, grimisocks.

Let's just say, if you are negative equity on your home you actually should be blacklisted from additional DEBT until you get the house mortgage paid down. They can correct the negative equity by paying more than the minimum owned every month until the problem is corrected. Until then, perhaps they should not be getting any more loans anyway.

If they are unable to pay more than the minimum payment each month, then they are perfectly safe to sit tight and enjoy property they cannot afford until their payments pull up the equity into the black.
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