Article in our Murdoch rag today that mentioned the savings for folks with a million dollar mortgage…is that meant to be a figure that most folks will find relevant?
Meanwhile, fiscally irresponsible local councils are jacking up rates by 30-40-50%, so there goes any saving on your mortgage, and inflation is apparently "under control"
It’s not even disbelief that I’m feeling, it’s just a general disappointment over the state of things. I know house prices are ridiculous, I know affordability has disappeared in the rearview mirror, I know banks will happily lend massive amounts, but seeing that million $ there still boggles.
I used to think this was unsustainable, but I have come to the realisation that the post-2008 world is simply to use public funds/printed currency to prop-up markets that are too big to fail, indefinitely. So whilst property/debt values will be high forever, the long term impacts will be dire.
It amazes me that people keep paying these prices, and going into huge amount of debt to do it. I wonder what would happen if people just stopped buying, and stopped paying? Would the banks try to go after millions of people? Would the government support the banks? Interesting to think about.
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