House prices to keep falling for years

[nunthewiser]

Unemployment will not peak for at least 2 years yet

but what do i care i am from nirvana and petty things like this worry me not

 

[Trembling Hand]

Robots don't you live in St Kilda road?

 

[robots]

hello,

chapel st, in a part of st kilda called St Kilda Hill

near st michael's grammar school

thankyou
robots

 

[Trembling Hand]

hello,

chapel st, in a part of st kilda called St Kilda Hill

near st michael's grammar school

thankyou
robots

LOL. St Kilda East!!

Hardly St K proper.

And pretty sure anything over Brighton road is not considered the real St K.

LOL

 

[robots]

hello,

no st kilda, 3182 not 3183 like st kilda east

http://www.astor-theatre.com/

gee the astor has the same problem as me, also thinks its in St Kilda


thankyou
robots

 

[MrBurns]

You are correct Mr. Burns.

I don't hear that very often, thanks Glen48

 

[basilio]

Australia is not America but to a significant extent our boom in borrowing to buy/build/renovate houses has followed the yanks.

So where are they now? Washington Post has an excellent analysis of how much trouble homeowners are in America. It's not the sub prime its everyone who has upgraded or bought or borrowed in the last 6 years. Doesn't leave many people out.

Implications for America are horrendous. We will have a knock on effect and of course we have our own overhang of consumer debt which can't be sustained.

The Growing Foreclosure Crisis
One oft-repeated assertion no longer holds true. Those in trouble are not, primarily, lower-income borrowers. The foreclosure crisis has become a wave, afflicting neighborhoods of every stripe -- but particularly communities created by the boom itself.


By Dina ElBoghdady and Sarah Cohen
Washington Post Staff Writers
Saturday, January 17, 2009; Page A01

The Crash | What Went Wrong: The Growing Foreclosure Crisis
*
Losing the Community They Built
*
The Crash: What Went Wrong?

Before Robin Bohnen and her husband, Shane, bought a $1.16 million Mediterranean-style house in an upscale Southern California suburb two years ago, they were not cash-strapped, debt-ridden or credit-impaired.

Now they are all of the above. Soon they also may qualify for one more distressing category: home lost to foreclosure.

http://www.washingtonpost.com/wp-dyn/content/article/2009/01/16/AR2009011604724.html

 

[ROE]

Party is over, easy day are over..people need to understand money a little bit better...when you generate negative cash flow and you still want to buy and buy now they need to go back to accounting 101 and understand what is a cash flow statement and what a -ve cash flow will do to you in a long run

Road runner run out of puff like that articles

 

[Glen48]

The Yanks have now spent enough bail out money to give every one in the World $1,000.00 which is what they should have done in the first place.

 

[robots]

hello,

good suggestion Glen48,

help out those putting in on the planet

thankyou
robots

 

[explod]

hello,

good suggestion Glen48,

help out those putting in on the planet

thankyou
robots

In dire need of your help now Robots, the call is out all along the eastern coastline, cant sell thier wonderfull properties (investment and holiday ones, can you believe it)

So with all your profits growing in Sti Kilda now is the opportunity for you to branch out into some luxury along the coast. And no one can say that you do not deserve such a great break.

So go for it and become really rich. And if you need some fast help, Aussie home loans are reducing the credit card down to 9.9%

Yeeeeeeeee Haaaaaaaaaaaaaaaaarrrrrrrrrrrr

thankyou
explod

 

[robots]

hello,

surely the Government should be helping though Explod, yeah I agree i do deserve it along with all the others keeping the economy going, without us it would be in total dire straits

get a beach house grant going or bump up the investor concessions I think

i will write a letter to Kevin 07 with some of the fine suggestions

thankyou
robots

 

[Glen48]

Robots,
Noosa: tonight Ch 7 they did a story a couple whho could not sell their house ( AKA Mill stone ) so they dropped the price 800K still no lookers so maybe Robots you could offer advice on were they are going wrong.

 

[overlap]

Robots,
Noosa: tonight Ch 7 they did a story a couple whho could not sell their house ( AKA Mill stone ) so they dropped the price 800K still no lookers so maybe Robots you could offer advice on were they are going wrong.

Easy, the house is not in St Kilda.

Move it. Problem solved.

 

[Pommiegranite]

Party is over, easy day are over..people need to understand money a little bit better...when you generate negative cash flow and you still want to buy and buy now they need to go back to accounting 101 and understand what is a cash flow statement and what a -ve cash flow will do to you in a long run

Road runner run out of puff like that articles

Very good point Roe. I've been busy over the past couple of weeks helping out a friend who didn't understand the above point.

He has had 3 properties on the market since mid December and has had only 2 offers, both of which were very very low. He has had to put them on the market as there have been redundancies at his workplace, and he now fears about his own position.

 

[Glen48]

Might be a market to Tee shirts saying I survived the 2009-? Depression and start up a victims support group in every Town except St Killedher

 

[Pommiegranite]

OUCH!!!!!Here's a link to the research mentioned in the below report from today's 'The Age': http://www.earthsharing.org.au/wp-content/uploads/iw2lh-08-report.pdf

I think it highlights exactly what is going on with the manipulation of rental vacancy figures. How many readers does 'The Age' have? I wonder what the true rental vacancy figure for St Kilda is?.....6% perhaps?

Agents accused of 'hyping up' rental crisis


Natalie Craig

January 27, 2009
PROPERTY watchers have attacked the real estate industry for "hyping up" a rental crisis to lure people into buying at the top of the market.
- Search for a rental property
- Get the latest auction results
- Calculate what you can loan

The Real Estate Institute of Victoria said a survey of its members showed that rental vacancies in December were about 1 per cent.
Chief executive Enzo Raimondo said that, despite a painfully tight market, falling interest rates and slower price growth "should make conditions easier for renters who are contemplating the move to buying a home".
But property researcher SQM said its figures showed Melbourne's vacancy rate was 3.9 per cent.
"I do not believe for a moment that vacancy rates have ever reached 1 per cent in Melbourne," said SQM's Louis Christopher, who compared properties on the internet with the total rental stock reported in government statistics.
"The REIV aggressively represents the interests of its own real estate agency members … so there is strong potential for conflict of interest."
Mr Christopher ”” who led a previous stoush against the REIV when he was head of rival group Australian Property Monitors ”” said the REIV data was not inclusive because it relied on a survey.
Mr Raimondo countered that the REIV's findings were based on responses from 124 Victorian agencies, across a range of different markets, with 50,000 properties on their books.
He said that those who listed their properties on the internet would not necessarily be included in later government data ”” meaning SQM was comparing "apples with oranges".
The REIV's previous findings cannot yet be cross-checked against definitive data because it is missing. The Office of Housing was supposed to provide its last rental report a year ago.
Meanwhile, a more unorthodox Melbourne study has attempted to gauge "genuine" vacancies by scouring household water bills.
Social justice group Prosper Australia analysed residential meter readings over six months and found more than 7 per cent of properties used less water than is required for one person to survive.
Study author Tohm Curtis said the findings suggested that many investors could not be bothered with the upkeep and fees associated with owning rental property.
Prosper Australia's Karl Fitzgerald said low auction clearance rates meant the rental market should be easing, and the REIV survey was the "last desperate call to dupe young home buyers into purchasing at the top of the market".
With CHRIS VEDELAGO
http://reiv.com.au
http://prosper.org.au

 

[ROE]

Very good point Roe. I've been busy over the past couple of weeks helping out a friend who didn't understand the above point.

He has had 3 properties on the market since mid December and has had only 2 offers, both of which were very very low. He has had to put them on the market as there have been redundancies at his workplace, and he now fears about his own position.

In business if you have -ve cash flow you classified as bankrupt but some how in RE they make it pretty and call it negative gear ...great financial engineering..

 

[Lancelot]

Robots,
Noosa: tonight Ch 7 they did a story a couple whho could not sell their house ( AKA Mill stone ) so they dropped the price 800K still no lookers so maybe Robots you could offer advice on were they are going wrong.

Buying expensive wee wee extensions that most of the population could never afford to buy always ends in pain if forced to sell in a downturn

On the other hand , how are the average joe houses going? Stuff around $400k?

 

[Dowdy]

Here's one for that tool Robots,

StKilda -
DEC 08 $750,125
SEP 08 $1,070,500
% Change -29.9


Source Herald Sun (real estate institute of victoria)


Nice loss Robots, Well Done!:bonk: