News at One, RTE Radio 1, Nov. 9, 2007 - The crash is here

You’re a marvel! Two thumbs up (as we say in India).

Save the auctioneers.

Live Aid for Auctioneers in Ennis, it’s the only way forward… I mean if the government can renege on the .7% of GDP commitment to Highly Indebted Poor Countries what chance has an auctioneer in Ennis got.

My heart goes out to him. :unamused:

I heard yesterday that a big developer in Ennis is in trouble. Lahinch road was mentioned. Lets see how this plays out, is O’Reilly tied in with a big development on the Lahinch road by any chance, all of a sudden he is on the main news begging for a bail out.

It could be a coincidence but I will need to do more research.

Cronan Nagle was the name of the developers I was told were [alledgedly] in trouble, and they have a development on the Lahinch road being sold by O’Reilly estate agents.

(propertyplus.ie under new developments)

Very much appreciated, but I think you must have missed a bit, because there ain’t no mention of fundamentals.

Possibly a government inventive to keep prices high, in next budget?

Location location location (unless it’s an apartment!)

Cheers Green Bear.
So the media have fostered the crash by informing people about its existence (with much of the data being spoon-fed to them by contributors to this site). However, going on national radio to plead for government intervention to “save” the market is something altogether different :unamused:

The media response today was interesting. I believe (but can’t find reference to it) that IIB said that house prices would rise next year and that was ignored. One of the RTE correspondents talked about auctioneers and the construction industry begging for tax breaks - what was important was the tone, it wasn’t “we need tax breaks” it was “they are looking for tax breaks”. I think sentiment is turning, the economy is no longer seen as being a purely property economy.

The lag confirmed by DOL in ESRI data must be also the first time i’ve heard it mentioned in any mainstream media outlet!

I’d say Mr. O’ Reilly is flying a kite for the industry as a whole. His company is after opening a new office in Lahinch THIS MONTH and he has been operating in Ennis since the 1980’s. If he could turn a buck in the 1980’s he will survive this downturn easily.

Comments are certainly interesting though.

I wonder how long it’ll be before they catch on that the TSB/ESRI numbers are purely based on selective samples of subjective valuations and have feck all to do with actual transactions…

I was talking to a friend on the ESB networks who reckoned that new connections in parts of Dublin are down about 30% but strangly in and arond Cavan Monaghan border country they cant keep up with the demand and have seen no drop off as yet

And hopefully TSB/ESRI (ESRI in particular) will get a good public lambasting.

Seeing as we’re going to blame someone, I think the ESRI should get a toasting in the media – just cos i can’t stand the organisation!

Do you remember when all those TSB/ESRI reports were fanfared on TSB’s website each month? Seems to have come to a and sticky end – just like a clapped-out tuba…

Just proves that all it was was spin and PR – nothing to do with facts+figures whatsoever. Mary Finan should be ashamed of herself for penning her name to that tripe.

Given that we’re looking at cut-backs, well, you know where to start boyos…

Here’s one person who’s done well out being a full-time spin-doctor:
https://www.esri.ie/_internal/cimg!0/fsf4ldd047t.png

Green Bear
Thanks for taking the time to transcribe this, excellent work.
The crash is happening just like the wise men of the pin have been telling us since I started reading the posts here, the joe duffy moment, calls by the Vis for government intervention, rte news…….

What the hell were these people expecting. 15% of the housing stock is empty; compared to 3% in the UK (where average prices are lower). Agricultural land is (was) selling for several multiples of the price of better quality land on the Continent. Incomes multiples required to purchase a humble 1,000 sq ft home were at world record levels, rental yields and rents fell in the midst of a supposed boom in fundamental demand. Come on lads grow a fucking brain there. It was a bubble. And you can waste all the time in the world trying to reflate it but it aint going to happen. It’s gone.

So what do we do now? :question:

We get real, we quantify the damage and manage it. We identify the optimal, the utilitarian, the least worst course to steer and we remember not to forget.

That’s my 999 post, how apposite.

No I meant, what do we ACTUALLY do! :stuck_out_tongue:

Go to the pub.