1. We borrowed what was in our means to borrow at the time,
2. and what the banks were advising we could borrow.
3. We weren't reckless
4. we thought we made a good investment in buying our home as this was the advice we were given,
5. I remember Bertie Ahern at the time dismissing David Mc Williams suggestion that the property market had got out of control,
6. banks were given targets to lend
7. and there were even mortgage products encouraging parents to release equity from their own homes to help out their children.
8. It was a government campaign to get people to purchase houses as they were gaining from sales of houses and banks were getting richer. .
How could the ordinary joe have predicted so many job loses, people who were lucky to keep their jobs see their wages halve, house prices to halve
I'm not a financial whiz or economist.
However, I do remember driving around Tallaght in about 2005 and being shocked at all the new estates that had sprung up. Hundreds and hundreds of apartments. They seemed to have popped out of no-where. I knew they all couldn't be 'worth' €400k, or whatever crazy price they were.
I knew then that these houses were going to drop in cost. What I didn't expect was the scale of the bust. I didn't think for a minute that the banks would all go bust etc...
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