House prices still falling, rents dropping and FF think its all ok.

[Digout]

Despite Saint Lendahand calling the bottom of the market twice in the last 9 months, house prices continue to plunge. What Lendahand and his cabal fail to realise, is that prices cannot do anything but fall when there is no lending from the banks that he has pumped billions of our cash into. As thousands are leaving the country, more houses are also on the market.

The EBS/DMK housing-affordability index predicts the price of an average house to fall to €140k this year.

Daft.ie also says rents are dropping, this is as a result of people giving up the ghost and getting our of this corrupt country run by incompetent gombeen hicksters.

The one good thing about this country is we now have Ryanair, so to get the hell out is not expensive.

http://www.independent.ie/business/personal-finance/property-mortgages/firsttime-buyers-are-still-not-tempted-by-cheaper-houses-2192895.html

[DCon]

How's that NAMA business plan looking now?

[Digout]

How's that NAMA business plan looking now?

A disaster, it needs a 10% rise per year to break even. We will be down at least 10% this year. This is proof SCAMA is not going to work.

FG should go mad over this in the Dail, but they wont.

[DCon]

A disaster, it needs a 10% rise per year to break even. We will be down at least 10% this year. This is proof SCAMA is not going to work.

FG should go mad over this in the Dail, but they wont.

the NAMA business plan was a work of fiction designed to get EU approval for the scam.


Many of the key risks faced by NAMA are outlined below. The NAMA Board and its Risk Committee will monitor these risks and ensure that appropriate
risk management policies are in place.
1. Protracted valuation process – due diligence obligations, legal challenges and/or lack of preparation by institutions
The risk that the transfer process takes significantly longer than currently projected and that, therefore, the injection of liquidity into the banking system and the
corresponding flow of credit into the economy is delayed, in turn impeding economic recovery. Restoration of the availability of credit is a necessary precondition
for the recovery in real estate prices required for NAMA to break even and, more generally, for an early recovery in economic conditions in Ireland.
One source of risk is that institutions will not be sufficiently prepared in terms of data collation and this could lead to delay and disruption of the acquisition
timetable. A further risk is the prospect of legal challenges to NAMA’s business operation which may delay and impede it in achieving its objectives.

2. Valuations outside expected range
The risk that the bank asset valuation and acquisition process produces an outcome which is significantly different from current expectations with respect to
the major parameters and assumptions set out below and used in the analysis to date:
• The market value of the underlying property assets (€47 billion)
• Interest rollup (estimated €9 billion)
• Actual aggregate average LTVs (average of 77%)
• The proportion of acquired assets which are cashflow-producing (40%)
• Margins on income-producing assets (2%)
• Default rate (20% assumed)

http://www.nama.ie/Publications/2009/Business_Plan_13OCT09.pdf

[Digout]

April 4th 2010 -
You can now buy in confidence that the price is realistic

Lenihan says house prices are now at the bottom (http://www.independent.ie/national-news/lenihan-says-house-prices-now-at-bottom-2124724.html)

[DCon]

April 4th 2010 -

Lenihan says house prices are now at the bottom (http://www.independent.ie/national-news/lenihan-says-house-prices-now-at-bottom-2124724.html)

Other great FF nuggets of wisdom include


Donie Cassidy, Seanad speech, 10 April 2008:

"Now is the right time to buy. We have a duty to tell first-time house buyers, young couples with no previous experience, that there is unbelievable value in the marketplace today. It will not last forever. It is never the wrong time to do the right thing. I offer the House the benefit of my experience and my opinion which is all any Member can do. I will remind the House, perhaps in 12 or 18 months, when prices have again increased by 25% or 30%, that they were told this by the Leader of the House on this historic day, the tenth anniversary of the Good Friday Agreement."



RTE News, 28 July 2006:

The Minister for Finance, Brian Cowen, has dismissed suggestions that the economy is too dependent on the construction sector.

Responding to new figures showing that the sector now accounts for 25% of Gross National Product, Mr Cowen said that Ireland still had a deficit in infrastructure.



PB Ahern, quoted in the Irish Times, 19 Sep 2008:

"Bank of Ireland shares are € 3.80 today. Now if I meet you here next year, or the year after, do you seriously think Bank of Ireland shares will be € 3.80? I'd go out and buy Bank of Ireland shares . . . that's what I'd do."


Frank Fahey, quoted in the Irish Independent, March 15 2008:

"If I was to give advice to people, I would say, go out and buy some property now. It's great value."

http://quotesfromthebubble.blogspot.com/search/label/Frank%20Fahey

[Digout]

Why have these gombeen not been ******* yet?

[DCon]

Why have these gombeen not been lynched yet?

More clasics


Brian Lenihan, Minister for Finance
Seanad Eireann speech, 14 May 2008:

"However, what we do know is that the underlying demand for housing remains strong, driven by a relatively young population and continued inward migration. While we may experience a year or two of sub-50,000 completions, it is reasonable to expect over the medium term that annual completions will return to sustainable levels which will remain high by international standards, reflecting the strong underlying demand for housing in Ireland.

[...]

However, one aspect of the change in the housing market, which is being overlooked by commentators, is that the moderation in house price levels, when combined with measures on stamp duty and mortgage interest relief, taken by the Government at budget time, means that better value is being obtained for those wishing to buy their own home, particularly amongst the first-time buyer group."


Dermot Ahern, Fianna Fáil Minister


Newstalk radio, Oct 15 2008:

"The housing market is at the bottom"


Irish Independent, 1 July 2009:

Mr Cowen said the slump in the housing market was nearing an end. "I believe we are coming to a point this year where that will bottom out," he said.

[Digout]

Is Tom Parlon still alive?

[Captain Con O'Sullivan]

They broke him up and sold him for retirement condos on the Blaskett Islands I hear...

[DCon]

Is Tom Parlon still alive?

very much so..IT WOULD SEEM


THE lobby group for Ireland's developers and property investors is seeking a meeting with bank chief executives to discuss writing down the value of their loans just months before NAMA starts taking action against some borrowers.

Separately, the most senior property expert at NAMA John Mulcahy is expected to address some of Ireland's most senior developers next month at a meeting being organised by the Construction Industry Federation (CIF).


Asked about its approach to NAMA yesterday, the CIF said: "What is clear is that in the majority of cases where CIF members are involved, they hold the key to the successful workout of the assets underpinning loans, whether as contractors who have been building a project/projects on behalf of a client or the original promoter, who brings specific project intelligence, project management and construction know-how to bear''.


http://www.independent.ie/business/irish/cif-wants-writedown-on-member-debts-ahead-of-action-by-nama-2192880.html

[Digout]

The people that Tom Parlon represents caused a lot of problems for this country.

[Ah Well]

Anyone who still believes anything that comes out of the mouths of these FF yokes - well, there's probably no hope for those kinds of people

And re FG that is to a very large extent just replacing Tweedledum with Tweedledee (or Tweedledumber perhaps)

I heard some mention on the radio this morn of average house prices (not sure which region or was it a national thing) having risen to €360000 and now could potentially still fall back to €140000

An example which no doubt can be replicated around the country many times over ... take Ballincollig a suburb of Cork City in the mid 1990s one could purchase a typical standard 3 bed semi d for approx IR £49000. That's approx €62217. And in the space of just over 10 years these self same types of houses increased in "value" 4 to 5 times? That one makes no sense to anyone who is in any sense sane

A lot of people will never see the right side of their home purchases. And I'm not taking about investors, just those who bought to live in - they will spend the rest of their lives paying back the Mortgages secured to purchase these properties or the debt will continue on to the next generation. A sad fact but true.

[Fing Fers]

Despite Saint Lendahand calling the bottom of the market twice in the last 9 months, house prices continue to plunge. What Lendahand and his cabal fail to realise, is that prices cannot do anything but fall when there is no lending from the banks that he has pumped billions of our cash into. As thousands are leaving the country, more houses are also on the market.

The EBS/DMK housing-affordability index predicts the price of an average house to fall to €140k this year.

Daft.ie also says rents are dropping, this is as a result of people giving up the ghost and getting our of this corrupt country run by incompetent gombeen hicksters.

The one good thing about this country is we now have Ryanair, so to get the hell out is not expensive.

http://www.independent.ie/business/personal-finance/property-mortgages/firsttime-buyers-are-still-not-tempted-by-cheaper-houses-2192895.html

Sure you heard the man himself, all good things happening all over Ireland, we are all doing well, its just media hyping dont mind this stuff, FF all the way.