Irish government warned recession will deepen on back of property woes
Leading economist Bacon urges action to sort housing market
Published Sunday, January 8, 2012, 10:16 AM
Updated Sunday, January 8, 2012, 12:02 PM
Leading economist has warned that Ireland’s economic woes will worsen if the government fails to stabilize the property market.
“The only thing you could say in terms of fairness is that it is the taxpayer who is living in these houses. So if you do achieve stability in the market, it does achieve stability for all households,” said Bacon.
“Without measures to stabilise the market, the game that is being played by Nama and the banks is a game that they are playing against their own balance sheets.”
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sirpeter | Jan 08, 2012, 05:35 PM EST
ciaradexy.Chances are the Euro will not fall.Keep a close eye on what's happening in Europe and the Euro crisis.If you have access to a balk of cash.The banks have loads of houses and they want cash.If you can prove to them where you got it.You can get a very good deal.I would make a move now!!By march the Euro crisis could be over.Once fiscal union and stability is in place in the Euro Zone.The banks then know things will only get better.Or you could wait and see will the Euro fall or anything else that might happen.Been watching for years so I have.Now is the time to move.But make sure if you do buy you don't leave yourself broke.You would want a job and 20 grand back up,just in case disaster strikes or you might end up losing your frilly knickers.
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ciaradexy | Jan 08, 2012, 12:53 PM EST
I have my eye on a few houses at the mo. They were about €400k 5 years ago and now they cant sell them for €170k! Its great!
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