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Thursday, October 15, 2009

current British housing market ruminations
eric pebble -

"They've [the bankers] achieved their aim - to fraudulently pump up house "prices" for 10-15 years by issuing Liar Loans, backed by CDO's & SIV's: THUS - The Genie is out of the bottle - house "prices" now = 6, 7, 8, 9, 10 [etc.] x single salary...

SO - only way to "afford" property now is for both husband & wife/partner to combine their earnings - and take out 30-40 yr mortgages of lifetime of slog incomes -- TO BUY THE SAME THING IT TOOK JUST ONE LOW INCOME TO BUY 15-20+ YEARS AGO......

This was all deliberate - The Moneylenders have prised the Genie out of the bottle.... Many people have fallen for it -- they now pay £200-400k for A SHOEBOX/DOG KENNEL, BRAINWASHED into thinking this is an "investment".....

THE question now is: WILL people continue to accept this? We have in many ways, got to STALEMATE. House buying turnover has halved [at least]: MANY people do not see WHY they should partake in this SCAM.

I.E. IT IS STALEMATE. As per usual -- it's down to - WHO BLINKS FIRST? The Buyer or the SELLER ..... ?

In the meantime - the PR Machine is PUMPING, PUMPING, PUMPING -- in the newspapers, 24/7 on the tv -- "Property prices only go up".... "Invest in property for the future"..... "Become a Property Millionaire".......... etc., etc., etc.

AND - The Moneylender[s]....? They're sitting in the wings, as per usual, sniggering away, rubbing their hands together in glee.... They control the politicians via the PR & Lobby Machine - MP's and BENT Lords in House of Lords table and/or amend legislation through parliament for them on the sly...... etc etc., etc., etc. "

tinker -
"I remember the property crash of the 90s, and that was before Liar Loans, and people got hurt, negative equity became currency.

But those price levels (and losses) mare nothing compared to the bubble created today (see HPC graph).

I looked on with disbelief wondering how prices could have risen so much, and how people could be so stupid and fall for it.

Pokey little 2up-2downs that had trebled in price over a few years. Absolute madness. All that interest - what a waste.

The bankers it seems will always find ways of relieving us of our money, too many are willing to acquiesce.

One salary
Then one and a bit
The two
Then increased multiples
Then increased terms

What next? Generational mortgages?

The madness will only stop when people stop plying the game, and say enough is enough.

This should be happening now, however, the powers that be have other ideas... "

Redhat Sly -
"In 1980 I tried to buy a house that was on the market for £4,500

I had to have a sit down talk with my bank manager. A Mr Stead at Yorkshire Bank.

I had a £2k deposit, a bond for £1k that matured about 4 months later which I wanted to sign over.
I wanted a loan for £1.5k
I was in full time employment earning £3k a year.

He refused! "

sketched by dweller at 11:17 pm
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