oh dear: Sharp rise in buy-to-let repossessions

[AtW]

Sharp rise in buy-to-let repossessions

By Robert Budden, Personal Finance Editor

Growing numbers of buy-to-let properties are being repossessed and offloaded by lenders at auction in a sign that investors are struggling to meet mortgage repayments as interest rates rise.

Auctioneers say that properties previously owned by buy-to-let investors now make up around half of all repossessions sold at auction, even though buy-to-lets account for less than 10 per cent of the total mortgage market.

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Doomed?

[ImNotFromIndia]

let's hope this good fortune continues at a faster rate.

[Troll]

Doomed etc.

[Gonzo]

I remember in 1999 the regulars down my local boozer all discussing their share portfolios (especially technology stocks), they had an investment club that used to meet there too. Alright I lived in a very middle class area then but these were all people with no knowledge of investments and were jumping on the bandwagon because it looked easy. Needless to say the stock market is no longer a topic of conversation there.

So, the other day when I heard the second and third line support people that sit behind me at my current client discussing their buy-to-let portfolios, I was suddenly overcome with a strange sense of deja-vu....

[AtW]

It will crash and it will be very bad, probably depression for 3-5 years with China benefitting most: USA will adopt red yuan banknotes, with exception of the Confederates.

[lws]

Full article

http://www.ft.com/cms/s/4f6f4be8-70b...0779e2340.html

I really am sick to death of people boasting about their illusionary wealth and their 'portfolios'. The sooner this country gets over it's obsession with property the better

[wendigo100]

It will crash and it will be very bad, probably depression for 3-5 years

Only three to five years? Japan went into a debt-driven depression in the late eighties. When did the good times return there?

[AtW]

When did the good times return there?

After the 2nd coming of Christ - Chico said it should happen in 2010 or something like this. It could be Mohammed though, so hedge your bets.

[Lucifer Box]

I remember in 1999 the regulars down my local boozer all discussing their share portfolios (especially technology stocks), they had an investment club that used to meet there too. Alright I lived in a very middle class area then but these were all people with no knowledge of investments and were jumping on the bandwagon because it looked easy. Needless to say the stock market is no longer a topic of conversation there.

So, the other day when I heard the second and third line support people that sit behind me at my current client discussing their buy-to-let portfolios, I was suddenly overcome with a strange sense of deja-vu....

Quite right, Gonzo.

What are we talking about here: "the investing public was hypnotized with irrational exuberance. Everyday citizens invested their savings in the market because they believed it would only continue to skyrocket. They acted on supposed tips and following what neighbors and colleagues did."

Just before the great depression in 1929 of course. The time when Joseph Kennedy made his famous quip that you know it is time to sell when the shoe-shine boy tries to give you stock tips.

[Buffoon]

So, the other day when I heard the second and third line support people that sit behind me at my current client discussing their buy-to-let portfolios, I was suddenly overcome with a strange sense of deja-vu....

Quite right, Gonzo.

What are we talking about here: "the investing public was hypnotized with irrational exuberance. Everyday citizens invested their savings in the market because they believed it would only continue to skyrocket. They acted on supposed tips and following what neighbors and colleagues did."

Just before the great depression in 1929 of course. The time when Joseph Kennedy made his famous quip that you know it is time to sell when the shoe-shine boy tries to give you stock tips.

So one that basis, put in sell orders as soon as you hear first line support boasting about their portfolios!

I agree with all the doomed stuff, but I've been in the speculation business long enough to know that it is not time to take a short position just yet.

Remember what John Maynard Keynes once said, "The market can remain irrational longer than you can remain solvent".