Gringo

Looks like burnt fingers all around 'Take cash and leave' says lender Edeus were bought by Merrill Lynch in 2007 in order to take advantage of the booming buytolet and subprime uk mortgage market, they spent a fortune in new systems for application processing, loads on coproorate advertising jollies for brokers in order to drum up business, and are now gone bump. So anyone with and Edeus mortgage, phone up and offer them 80% and try and negotiate them down.

I bet they thought that in the 60s as well when the hippies were reshaping the world. Most useful - without them, how would we know who to burn come the revolution.

less than 10% margin here is bad for labour and more so for gordo. If they lost, which looks unlikely, gordo would be gone in september. Better than 15% I reckon gordo comes out looking ok in the eyes of his MPs whilst on holiday. A bad taste going into a long break would leave a sour taste and plenty of time for shenanigans and political manouvering. Broon doesn't need that at the moment.

Well after a while we ran out of old ladies to beat up, so yeah drugs was the next kick.

the "new paradigm" - it's different this time. When the credit markets loosen up, there still won't be 100% mortgages, there still won't be a market for banks to collaterize and package the mortgage debt. Those days are gone. I see no rise in house prices "in real terms" for a good few years. This is no different to 1990 in terms of effect, but very different in terms of cause. Then you had unemployment and widescale industry seizures, now you have widescale financial contractions.

Yes, and for those who bought in 1990 it took 10 years to bounce back to the same level. "Bounceback much larger" - can only be viewed in an unrealistic historical level for those looking to move up the property ladder at the start of a crash.

not yet but at leats some prices are looking more relastic now it could ans aybe shoudl go a lot further because until the first time buyers cann afford it not much demand will be generated you knwo Gringo the house market was vastly inflated, we have had this debate in this thread but average house prices of nearly 7 or 8 times national average wage is not substantable The other week you were claiming prices had stabilised, now you are claing that for a buyer it can only get better and better. The only reason I'm pointing this out is because of the roasting you gave tricella for getting predictions wrong and having the audacity to offer further opinions in the face of his fallibility.

Houses aren't shifting so longer on the market so more for sale signs around. I'm with ender - offer 15-25% bellow offer price and chance your arm. It's not if they want to sell - you need to find the ones who have to sell. Capitalism will eat itself.

I thought prices had "stabilised" or reached their realistic level?

As the govt are now monitoring all the things we type on websites I would just like to declare here that my body is a temple and no such impurities could ever enter it. However if the question was asked a year ago I might have said, the full shebang, apart from Ket which I leave to Son of Trim.

Cut'n'Paste Warning I'm sure people keep telling me this can't happen, but they're trying their darndest to make it so.

Well seeing as she divided the country, why not divide the remembrance - a state funeral for all those who want to attend, and a street party for those that don't.

The thing most likely to keep gordo in power is the lack of any credible alternative within the labour party.

Erik Per Sullivan

A couple of months ago I reckoned a 20% drop over two years, think I might have understated it. Once a market has momentum, it gets hard to turn it around. House prices still falling

That's for the lucky people with a 10% deposit. What if you got a 100% mortgage for 150k @ £887 / month back 12 months ago. In 12 months time, their fixed deal runs out - and they either move to the standard rate and find an extra 250 / month or magic up a 10% deposit so they can remortgage. They can't sell as the price has dropped 5% (so far) and so they'd have to find the 7k shortfall to pay off the mortgage. So they're trapped in negative equity and will watch their investment fall further over the next 18 months. Of course the other option is to stop paying the mortgage bill, live rent free for 3-6 months, and use the savings for a holiday once they've found a private rental to move into.

Once upon a time, in 2002 the zaNu Labour govt realised they were struggling to justify the extraordinary mass surveillance policies that they were trying to force through parliament and adopted another approach. So they went off to europe and told them how the war on fear could not proceed unless the govt and it's forces could have access to personal information. And so EU enacted an act forcing member countries to implement levels of monitoring and data capture. This was posted last year and of course greeted with the usual disdain, and yet it has come to pass that the rights secured by for the war on fear were to be abused. So the forces of fear got their act and managed to bypass parliament as well. Democracy wins again. And not only did jacqui merely do her job by bringing into law a EU edict (sponsored and proposed by the UK), but she did it faster than any other of the member countries and extended it's powers much further than the edict itself required. Who said nu labour were slow to act and inefficient.

Why is my brother taller than me, but I have bigger apendages?

That's not the continuation of the crash - that's the start of the next bubble. Construction firms are laying off staff or closing down. So when the financial markets return to normality (2010/11) the supply will be even further diminished compared to demand. Welcome to bust and boom economics.

Well the retrial is on, and the prosecution have already provided damning evidence of his guilt: * He's weird * He's got lots of photos of wimmin (could get a few of us in trouble that one) * He's very bad at chatting up (ditto) * He makes things up (have you read the ITK thread) * There was a photo of him holding a firing pistol proving his cold-kill potential The prosecution did struggle a bit to make this all stick - none of the wimmin he had harrassed made complaints to police. The prosecution then sullied their case by making some stuff up: 1) They don't know what the weapon was, and have struggled to match it - but have made a few guesses instead so maybe that suffices for evidence; 2) No one saw the incident or what lack of disguise the gunman (or women) wasn't wearing; 3) No one saw the incident nor if the gunman or women got into a car and drove off twenty minutes before her body was found. If the judge doesn't throws this out by the end of the prosecution case he's been sleeping.

In a year - so that would be about 18 months of falls, so about a 20% drop. That's not stabilisation, that's a crash.

If passports and ID cards are the same thing, why do we need ID cards?

I find english supermarket food very poor, and have done for the past 10 years. Would rather get meat from a butchers, veg from a market etc, Getting the odd chicken maybe ok, but getting a decent steak or leg of lamb? Agreed that waitrose comes out better than most, but there's a lot of tosh in those stores. Support yout local retailer.

Well the landlords are getting squeezed as well as mortgage companies raise their LTV and rental coverage requirements, so they can't take equity out and are forced to put up rents to cover their new mortgages.. So the winners are the banks who fkd it all up in the first place, though savings rates are going up, the margin between savings and lending rates are (generally) larger than they have been for a while.

Any idea on timescales for this as it's not going to be anytime soon. What backs you up - biggest price falls since '92, 5 consecutive months price falls? Or are you calling this the bottom of the market :shocked: - as you say, not a crash, YET. No they won't because: 1) they don't have the 10% deposit saved up 2) they're waiting for the price to fall further - as I said, once we hit tipping point the rush to home ownership abates and people start waiting for the market to bottom out.