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House prices to stagnate for 'years'

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robots said:
hello,

work for yourself xao, going rate is $1000/1000, actually that is for an okay guy too

care to let us know what award wages xao, eba rates please, even a wage earner is doing well

all still a bit to hard for the doubters

wayneL that article is the same as all, full of "if's" "could" "maybe" "experts are warning"

thankyou

robots
Click to expand...

True, the article looks forward, the same way the bulls predict x% rises

But the trend has turned boyo. This guy has momentum on his side. There are real drops that are even recorded in the official stats (which are artificially skewed to the upside). You can find real losses via www.houseprices.co.uk which records the actual paid prices of each individual sale. (And this is free, don't get screwed for this info like in Oz)

If you can be bothered doing the research like some people, it is demonstrable that prices are falling.
 
wayneL said:
No bull here bot, just walk down the street. Without the commodity boom, Oz would be in the same boat. Lots of specuvesters here are crashing and burning.

Fact.

One must ask themselves what will happen if commods top out.
Click to expand...

They won't listen until they get burned. Some people here in Australia have just convinced themselves that long-term fundamentals have permanently changed, for no apparent reason. Reminds me of the tech boom, when nobody cared about "old" rules like cash flow or profitability.

People are borrowing to buy "investment" properties which yield rents too low to even payback loan interest! Really scary stuff.
 
I wonder how much of this sort of thing goes on elsewhere?

http://realtytimes.com/rtpages/20050117_fraud.htm

Sickened By Fraud, A Real Estate Appraiser Turns In His Pencil
by Blanche Evans

It may be a sign that the housing party is coming to an end. Rampant fraud has at least one appraiser turning in his pencil, and he's on a rant.
FREE Agent Online Powerhouse Kit including a FREE business consultation

Texas appraiser Bob Burnitt says "Durn it!" He's sick of fraud.

"I have only practiced real estate appraisal in the state of Texas, but in my 53 years of being on this planet, without a shadow of a doubt, real estate appraisal is the most corrupt 'profession' I have ever seen," says a disgusted Burnitt. "It is my belief at this point it is no different in any other state."

Unfortunately, it does seem to be human nature for people to want to take the easy way out in many occupations and trades - just look at how our country rewards politicians who lie, and looks the other way from the criminal actions of business leaders. The Justice Department moves slowly to prosecute white collar criminals, mainly because the miscreants can hire lawyers capable of bankrupting the nation with delays, hearings and appeals. Just ask the SEC where it would start if it were going to investigate every CEO who covers the inflation of earnings. The stock market would have to close for years.

The mortgage lending/real estate appraisal business is the absolute bottom, says Burnitt.

"I have lost every single 'good' client I have ever had for the same 'reason,' laments Burnitt. "Sooner or later, I do an appraisal that doesn’t 'make value' and that is it, I’m fired. Time and time again. During the so-called "re-fi boom" loan officers absolutely demanded that I either lie or inflate an appraisal for them. When I tell them I can’t do that, it is unethical and illegal, they just hang up the phone and call my competition."

Being fired several times a week for simply following the rules is something he can’t take anymore. "It never stops," Burnitt says, "Well, actually it has slowed down a lot, because I have finally gotten on enough black lists that my phone just doesn’t ring anymore. So I have decided to make it easy on myself and simply decline all further assignments. I have dropped my membership to the Board of Realtors, and, of course, the MLS."

The Realtors are as much to blame as anyone else for this awful situation, he says. They want appraisals to meet asking prices, too.

Burnitt didn't throw in the towel before trying to do something about the situation, but he says his congressman and state representative looked the other way. They claim there is no money to pursue the problem, he says.

"I have met face-to-face with my Congressman (Joe Barton) and supplied him with plenty of documentation that loan fraud and inflated, fraudulent appraisal practices are rampant, and his was reply was, 'Oh, that’s just human nature, I can’t do anything about it." Well so is any other kind of theft, but we at least try to enforce the law when it comes to that. It seems to be OK with Congressman Barton to steal with a pencil.

"My State Representative, Jim Pitts, is equally aware of this situation. Same reaction, "can’t do anything about it". My State Senator, Jane Nelson, has also been advised of this situation as well. Believe you me, I have kept files of my correspondence with these people," says Burnitt. "I only hope I am still around to make sure they can’t claim ignorance the next time we have a real estate lending crash. And we will have one, it is inevitable. It is not a matter of if, it is just when."

Burnitt plans on beating the I-told-you-so drum loudly.

"It is misleading to appraisers, and really, much worse than that, misleading to taxpayers and stockholders in Fannie Mae and other lending institutions for there to be a Texas Appraiser Licensing and Certification Board, and a Texas Real Estate Commission to be in place that is allowing these crooked practices to flourish," says Burnitt. "The Texas Association of Realtors deserve plenty of blame as well. Lets not forget the Texas Savings and Loan Department, they are the ones that license the Mortgage Brokers and Loan Officers. All of these agencies and associations are aware of the situation and are simply looking the other way. Our elected officials are looking the other way as well."

"The other night, I watched a television documentary on one of the major networks regarding the dangerously ballooning unsecured credit card situation. It was pretty much the same old thing, but one part of the story got my attention, and confirmed what I believe is the powers-that-be's "real and true policy’ regarding banking and the economy in general. What got my attention in this story was, the State of California’s Attorney Generals Office went after some of the lending institutions for their unfair, dishonest, and illegal practices regarding the credit card business. The OCC, the Office of the Comptroller of the Currency came after the California Attorney Generals office and made them back off!

"Once more it has been confirmed to me that as long as the economy "train" is on the track, nobody’s going to do nuttin', honey," says a disgusted Burnitt. "That is just the way it is, and it is the way it is going to be."
Click to expand...
 
wayneL said:
I wonder how much of this sort of thing goes on elsewhere?

http://realtytimes.com/rtpages/20050117_fraud.htm
Click to expand...

Looks like it.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aKTGgOD1teG4

Appraiser Exposes Toxic Debt Tie to Inflated Values (Update1)

Jan. 17 (Bloomberg) -- Home appraiser Julian ``Tony'' Perez conjured $7.5 million out of thin air in the first six months of 2001 by overvaluing 33 condominiums in the Atlanta area.

Perez valued eight unfinished properties at the Deere Lofts development on April 2. Some were missing ceilings, cabinets or sinks. Each had been bought the previous week for $90,000 to $167,000. Perez said they were worth $177,000 to $330,000, according to the U.S. Attorney's Office in Atlanta.

``These are the worst condos ever,'' Perez said last January during testimony at the federal trial in Atlanta of developer Phillip Hill, who used the appraisals to resell the properties. ``Those values are super over-inflated, probably double what the amount of that property is probably worth.''
Click to expand...

But isn't that almost the same as the "independent valuations" associated with Listed Property Trusts. How the hell would a mug punter such as myself know it's actually a true independent valuation?
 
robots said:
hello,

http://www.news.com.au/heraldsun/story/0,21985,23104728-661,00.html

great tip there for people in sydney

thankyou

robots
Click to expand...

Yep Herald Sun is a big fan of the Property Industry and put in ramping articles at every opportunity. Interesting that in the same issue of the paper this morning "Fully Frank" by John Beverage states in an article headed "Prices may have hit ceailing" that property now appears on the decline.


My other take on this thread is that the moderator ought to be deleting your posts that lack substance or value to the subject. Not including the one under discussion there seems to be some above.
 
Broadside said:
take it to the extreme so it is more apparent...I want to upsize from a one bedroom studio flat to a 3 bedroom penthouse. The market was $150k for my studio and $1m for the penthouse. So I need to pay an extra $850k.

If the market halves (just an extreme example) I only get $75k for my studio but pay $500k for the penthouse, so I only pay an extra $425k....I am much better off upsizing in a lower market.

On the flipside downsizing in a lower market you lose out.
Click to expand...

your right, I had never thought of it like that,

One other thing that would make you better off is that during a down turn the lower end of the market generally holds up better, because people that are downsizing will create more demand at the cheaper end and a massive lack of demand in the top end.

This is why most of my investments are in the lower end of the market.
 
numbercruncher said:
then where will you be? Hairy, tattooed, with a drinking problem and unemployed! and then what good are yah? your Mrs will pack up her stuff and run off with the toy boy next door and your life will be ruined.

Just go do a 20 hour course and become a realestate expert, skim 2.5pc for a few hours of your time ;)
Click to expand...

Or you will end up with a million dollar turnover contracting business, and a fantastic property portfoilio.
 
hello,

perhaps explod they should delete the ones that ridicule myself as well,

its such an emotional issue because its a story of the have's and have-not's,

for twelve mths me and others have been passing on valuable experience, yet we are continually seen as the "enemy", amazing

thankyou

robots
 
robots said:
hello,

work for yourself xao, going rate is $1000/1000, actually that is for an okay guy too

care to let us know what award wages xao, eba rates please, even a wage earner is doing well

all still a bit to hard for the doubters

wayneL that article is the same as all, full of "if's" "could" "maybe" "experts are warning"

thankyou

robots
Click to expand...

Hate to get into this thread even though I have enjoyed the interaction you guys all lost the plot ages ago...usual suspects LOL

Here in the West I don't think brickies get out of bed for that rate the rates are much higher plus they drive around in the latest flashest biggest FWD's tax deduction no doubt


Anyway carry on....LOL


Focus
 
Hello,


Found a job for you budding brickies once you qualified ....


Location: QLD - GOLD COAST MC
Salary: $33.00 PER HOUR
Positions: 2

--------------------------------------------------------------------------------

New
My client requires 2 Experienced Bricklayers for an immediate start. You must have Blue Card, Steel Capped Boots and your own tools would be a huge advantage. You must be reliable, a team player, able to take direction and work unsupervised. You will also need your own vehicle to get to work for a 6.30am start. To apply call Lisa on 0449 176 736 or email your resume to lisa@southernemployment.com.au with your Jobseeker ID number if applicable.
Click to expand...

http://jobsearch.gov.au/SearchResults/Job.aspx?st=10&WHCode=0&rgn=4107qlog%2c4107qglc&print=0&NumMJL=0&CommJobs=0&CurPage=2&TotalRec=190&JobPos=30&JobID=169547990&SortDir=0&SortField=0&


I wonder how they even fill Qualified Brickies positions, I mean apparently if you just go grab an abn youll be on 1m p/a as opposed to the paltry 33p/h ?
 
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