Survey finds that it could take 43 years to occupy Ireland’s vacant houses
Oversupply of housing and a stunted population growth means trouble
Published Monday, June 11, 2012, 7:30 AM
Updated Monday, June 11, 2012, 7:30 AM
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seanofeic | Jun 12, 2012, 02:27 AM EDT
Terrible Indictment of the over zoning and 110% Mortgage bank lending frenzy that left Ireland scarred with unwanted houses.
So we are to bulldoze vacant housing and yet bankers are threatening families with repossessions
because they cannot pay mortgages due to crippling austerity.
Romantic Irelands dead and gone for sure..
The Deutchse Bank Report Map with the Irish Independent article is color coded in red.
Areas with over 20% Vacancies are like a red rash on the most scenic areas of Ireland
Donegal, Kerry, western seashore and the shannon area all over 20% vacancies..
Yet Councillors who zoned continue for the most part in their roles,
Bankers .. well we all know how they got bailed out,
and the developers got the safety net of NAMA and salaries up to 200K to soften their fall from grace,
The County Managers, Director of services and Planners who signed off on ridicolous zoning are still protected by the croke park agreement with generous pay and benefits..
The taxpayer, of those that are left, of course will pick up the tab once again,
Nobody responsible has been prosecuted or made suffer,
once again the general public get shafted as all property pric one of the lucky ones.
For those who paid carzy celtic tiger prices for properties many carbon foot prints from where they work,
property prices will plummet further and stay low for decades,
the number of people with unsustainable mortgages in Ireland is at least 1 in 7 who are 90 days late on mortgages.
The Architects of this should be shamed in the pages of Irish history, they have buckled a nation at its knees because of greed.
Done and dusted,
Sadly,
Bought and Sold.
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bunkerisland | Jun 11, 2012, 09:08 PM EDT
Well who is responsible for this excess in housing and holiday home development. It started over a decade ago with banks pushing out loans to speculators and developers with no government oversight. Holiday home villages are all over the country, 3/4 empty most of the time and offering two weeks for a one week rate and they still remain empty. I don't know if they are "shoddily built" but they have sort of a sterile atmosphere when grouped in packages of a dozen. Other homes built on speculation where just too grand in size and price for most to consider. No doubt Deutsche Bank was one of those speculating banks financing much of this madness.
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timbobdennehy | Jun 11, 2012, 07:40 PM EDT
they can just lease the property out,this report is mainly about selling those shoddily built houses,knock them all it would be cheaper in the long run.
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Bythebay | Jun 11, 2012, 12:42 PM EDT
There's also severe trouble in the US housing market with 18.6 million houses vacant, 1.25 million foreclosures, 16.3% short sales which mean the amount they're sold for is far less than the amount owed on them. It will take decaedes for the US housing market to return to solvency.
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