Great article by Karl Deeter on housing bubbles, shortages etc

How is that fair, when someone living on the street they want to buy on is years in arrears and is allowed to stay put?

Sums up the Irish market for me. A near pathological fear of repossessions even for people who obviously can't afford the repayments. There's your problem right there. Solution: repossessions, but that's not happening, although I believe the Troika are trying to fix the block.
 
The number of repossessions and voluntary surrenders has increased but is still at a comparative trickle. I suspect the banks are still desperately trying to avoid crystallising losses.

It does seem like that doesn't it.
 
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