Arbitrage no He wants to get cunning and decrease the overseas borrowing and raise it 0.5% also will stop the spiral starting again
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Arbitrage no He wants to get cunning and decrease the overseas borrowing and raise it 0.5% also will stop the spiral starting again
Barfoot & Thompson report that they sold 3 out of 51 houses that go to auction - WOW!
I suppose those, you go unconditional at auction, and people would be scared of not selling their existing home.
Heard today that Fletchers have stopped work on at least 20 houses in the old Mt Wellington quarry development. Info came via a subbie on development. Someone may be able to confirm or otherwise.
A full page ad in the North Shore Times today taken out by a RE company.
"Prices will keep going up"
"Interest rates will fall soon"
"New Zealand's population is increasing"
It does sound like the ol refrain "This time it's different"
If they seriously believed in their own cr*p they would be buying the properties for themselves.
Pressure is going on Bollard to reduce interest rates.
http://www.stuff.co.nz/4514881a13.html
Sorry to harp on, but if it left too long then it will be a longer road to recovery. I suggest 0.25% reduction later this month. You heard it first here.
Was watching the box the other night and there was a bit on bank owned houses in the states and the cops security guards that where going around cleaning out the squatters,some squatters were cleaning them up getting the power put back on and renting them out.
Lots of houses were trashed and when they contacted the banks they didn't want to know and didn't get back to them.
So the bank owns a house that is dropping in price,no one wants to buy it and it's now trashed,someone is taking a big hit and loosing lots of money.
Cheers
Miner
Abitrage that would be absolutely stupid everybody would go mad and expect the reserve bank to bail them out every time they need to reinforce the message not to be an idiot by increasing them preferably two 0.5% rises 3 months apart starting now.
Ta Trendy,interesting,but the way I look at it sooner or later someone has to pay the piper and when that time comes ouch.
Cheers
Miner