A shaky foundation.
From today's independent.
"THE High Court has ordered the repossession of family homes in Dublin, Galway, Limerick and Sligo.
And a senior judge has warned that a slump in property sales is making it difficult for homeowners facing repossession to sell their homes -- despite dropping the purchase price -- in order to meet their mortgage debts and payment arrears.
In one of the starkest signs that mortgage holders are struggling to make ends meet, more than 45 repossession cases -- including 17 new applications by banks yesterday alone -- were heard or adjourned in the High Court in a two-hour session.
Four couples have been given a three-month stay on their repossession orders to try and reach a last-minute refinancing deal.
It was also revealed that one family apparently fled to England and abandoned their home when served with a repossession notice.
Lawyers have revealed that several debtors had attempted to sell their homes but were unsuccessful owing to the current uncertainty in the property market which saw potential buyers back down from purchase agreements.
Ireland's repossession figures are historically very low, but repossessions have been kept at bay courtesy of a buoyant property market that allows borrowers to clear their debt by making a profit on the sale of their homes."
It is very worrying to read that 45 homes have been issued with a repossession order in the highcourt. Worrying but not at all surprising. I know a number of people who are so unbelieveably over stretched that if I was in their shoes I'd never sleep a wink again. Every second advert on the radio suddenly seems to be some company or other offering remortgaging and loans, some even boasting that they will give you money even if your credit rating is poor.
Well, there's often a reason a person's credit rating is poor.
With the ridiculous rocketing of the property market in this country suddenly everyone is sitting on/living in an asset of grreat worth. But your home is just that , your home. It might be worth a bundle, but you live in it, so it's not like a piggy bank. You can't dip in and out of it to furnish a 90210 lifestyle, no matter how tempting. So okay, the house you bought in 2001 is triple what you paid for it. So is every other house. And now the prices are so elevated that the market has had the life blood strangled out of it. People are not buying, homes are not selling, there is blood in the water.
There's going to be a short sharp shock in Ireland over the next two years. We're haemorraghing manufactoring jobs, we're losing companies to more attractive cheaper work forces, our economy is riding on the back of the property market and right now that market is weakening.
My heart goes out to anyone who loses their home. It's a horrendous situation to find yourself in and must be soul destroying. But honestly, I don't see the 45 being the limit.
"THE High Court has ordered the repossession of family homes in Dublin, Galway, Limerick and Sligo.
And a senior judge has warned that a slump in property sales is making it difficult for homeowners facing repossession to sell their homes -- despite dropping the purchase price -- in order to meet their mortgage debts and payment arrears.
In one of the starkest signs that mortgage holders are struggling to make ends meet, more than 45 repossession cases -- including 17 new applications by banks yesterday alone -- were heard or adjourned in the High Court in a two-hour session.
Four couples have been given a three-month stay on their repossession orders to try and reach a last-minute refinancing deal.
It was also revealed that one family apparently fled to England and abandoned their home when served with a repossession notice.
Lawyers have revealed that several debtors had attempted to sell their homes but were unsuccessful owing to the current uncertainty in the property market which saw potential buyers back down from purchase agreements.
Ireland's repossession figures are historically very low, but repossessions have been kept at bay courtesy of a buoyant property market that allows borrowers to clear their debt by making a profit on the sale of their homes."
It is very worrying to read that 45 homes have been issued with a repossession order in the highcourt. Worrying but not at all surprising. I know a number of people who are so unbelieveably over stretched that if I was in their shoes I'd never sleep a wink again. Every second advert on the radio suddenly seems to be some company or other offering remortgaging and loans, some even boasting that they will give you money even if your credit rating is poor.
Well, there's often a reason a person's credit rating is poor.
With the ridiculous rocketing of the property market in this country suddenly everyone is sitting on/living in an asset of grreat worth. But your home is just that , your home. It might be worth a bundle, but you live in it, so it's not like a piggy bank. You can't dip in and out of it to furnish a 90210 lifestyle, no matter how tempting. So okay, the house you bought in 2001 is triple what you paid for it. So is every other house. And now the prices are so elevated that the market has had the life blood strangled out of it. People are not buying, homes are not selling, there is blood in the water.
There's going to be a short sharp shock in Ireland over the next two years. We're haemorraghing manufactoring jobs, we're losing companies to more attractive cheaper work forces, our economy is riding on the back of the property market and right now that market is weakening.
My heart goes out to anyone who loses their home. It's a horrendous situation to find yourself in and must be soul destroying. But honestly, I don't see the 45 being the limit.
Labels: I don't need a new car.
posted by fatmammycat at 9:51 am
36 comments
