well I believe the NINJA loans had to impact the US housing stats these were people on unemployment, suddenly allowed to borrow, otherwise it was called racial discrimination
was there a flow on affect into the UK with its high numbers of immigrants, with people now allowed to borrow, but without the means to repay the loans ?
I dont know too much about Ireland, with such a tiny population, however I have to wonder if they have similar land rights problems as disclosed with Spain, where you can buy a property with land, and someone can come along and take it off you, without your consent, or paying you compensation.... that would make one really very nervous, and may cause a flood of people to depart the market....
I will watch with interest the situation in SW Sydney, with AGL commencing drilling under suburban homes in the near future. There are places in northern NSW and Qld where the whole town has been ripped apart from the coal seam gas industry arriving in town, the houses are worthless, no one wants to buy, every road is covered in stock piles of coal seam dust
the US also had the additional problems, where the lenders foreclosed, also the loans were on sold to other entities, it was found to be unlawful.... which eventually resulted in laws to stop the rampant illegal foreclosures.... the mass of foreclosures must have driven prices down ....
