nyonyamansor09

"Australian's deserve a lot better, especially on Melbourne Cup day." - Wayne Swan You've really got to wonder about the brain-dead, no real world experience, "thinks they're playing West Wing" staffer, who cooked that one up for Wayne Swan. Really, who has the cheek to raise interest rates on Melbourne Cup day? Clearly it's Australia's right to gamble in peace - on horses and houses. Cheap populism takes no courage. Wayne Swan has no courage and Joe Hockey has no courage, because the easiest scenario here is to hook into a faceless bank and continue to ignore the elephant in the room - Australians are addicted to debt. They continually mainline it into their veins, while hitting a full pipe at the same time. And who acts as the enabler to this situation? The politicians who won't suggest fiscal responsibility. Apparently being so indebted that a rate rise could push you over the edge is someone else's fault. Where is the encouragement to...

The first thing you need to know about real estate is you have no idea what your house will sell for. When mad drooling cretins, fuelled by debt, fear and delusion start moving in herds, your property might be the scene of growling and teeth gnashing. Several of these cretins may rear up, savaging each other with lashes of a bank's sharpest instrument - a loan approval. And at the end, chests will be puffed out as one side imagines their victory becoming BBQ folklore, while the other consoles themselves with a half-hearted, "it wasn't the house for them." Which leaves you sitting on a pile of money. The other scenario is no where near as exciting, there's no victorious party and only one loser. That's you, because no one gives a jack - about you, your house, nor what you think it's worth. Welcome to the reality of the 4x2 located in Somerset. Five months on the market, one failed auction, long sitting empty and the asking price of $383,000 becomes $289,000...

On Hobart's eastern shore sits this 4x2 - now begging for a bid at 440k.See nothing was forthcoming at an ambitious 500k and reality soon set in. Well not quite that much reality, this house is two weeks off chalking up six months on the market - one of those dubious milestones, that can only signal one thing - buyers must be stupid! That's what it is, right? Not your agent actually levelling with you, very bluntly and suggesting you're well overpriced. Or you actually considering your price might be too high. No it must be those morons who want you to give it away! Unfortunately, in these circumstances, modesty prevents a discount, because back in late 2007 the princely sum of $430k was paid. And we all know real estate only goes up, so how can anyone expect to sell for less than they originally shelled out? Things get very sticky around this point, with saving face the prime objective, but ask yourself a question - when Dun & Bradsteet reports that referred debts for ...

In 2005 it probably seemed like a good idea - $560k for this 3x2 in Devonport. Five years pass and at $500k, no one seems to think it's a good idea any more.  This, after an initial listing at $569k, six months back. I can only speculate what was happening back in June 05 when over half a million was laid down for something, that frankly looks like a block of flats, but I suspect there was a lot of real estate agent bluster and a whole lot more of rampant house hormones on behalf of the buyer. It wasn't a $560k house then and it sure as hell isn't a $500k house now. So how did the owner find themselves thinking $560k was a good buy? It's here I'm reminded of a article written by Peter Schiff back in 2004. Schiff visited a rental house in Orange County, California. Out of interest, Schiff asked the agent how much the house was recently bought for. The agent replied 1 million dollars, Schiff then inquired as to the holding costs and taxes, adding them to the loan cos...