Posted by Troy McClure on June 01, 2011 at 11:09:49:
In Reply to: Settin record straight on mortgage arrears posted by jj on May 31, 2011 at 13:16:32:
Yet, you have failed to inform people that the 2010 figures relate to bank proceedings initiated in 2008 !
It takes 3 years in this country to get a case to court.
The economic situation has deteriorated since 2008 and the outlook is very bleak.
Can you now give us your projections for cases initiated in 2010 ?
These will be coming to court in 2012/13 and you know well it will be multiples of the figures recently released.
Lets get real. Since 2008, the trend is increased interest rates; major retraction in wages; major increase in unemployment; depressed consumer demand and increase in household charges.
And you believe that the mortgage dam will hold out under those massive pressures: absolutely ridiculous and indeed symptomatic of the analysis that got us into this morass.
Crisis: what crisis?
Read Morgan Kelly again (Nov 2010)
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