Incidentally in the Tokyo and the Nevada state property crashes, homes lost 55% of there peak value before bottoming out. We are a that stage now here. so the fecking banks should take notice and allow people to get mortgages again. Once excess houses are sold, regulated construction could start again

Given the scale of oversupply, how long will it take for normal consumption to bring the supply back to normal levels?

James would estimate 25,000 homes required per year at a natural growth levels, all depends on performance of economy, migration, baby booms etc. Back in 1978 to 1985 we had a baby boom so there is an actual need now for homes, but a lot of that generation are abroad so it a hard one to call.

Greed, that’s what kept it going, and the knowledge that their would be no penalties if it all went pair shaped!! it did and their hasn’t!! nobody has gone to jail, infact majority are working for NAMA now!! how do you investigate yourself? you don’t!!!

Absolutely right Michael, knew a construction company that built a house for €140,000 in south Dublin (labour materials and site) and sold it to a guy for €400,000.. This was common example of profits. Property speculation was the driver and everyone was in on it.

Everyone except for Joe Public.

First time buyers got screwed, but to be honest a lot of people bought a house who never intended to live long term.they only saw the property as a easy way to make a quick profit by selling it on after a couple of years! That type of person added to the property speculation

Agreed, however if unregulated banks did not start recklessly throwing money around like confetti, this travesty would have been avoided.

But just as the corrupt auctioneer always puts a few false bidders in the auction room to artificially inflate things,
these corrupt/criminal bankers had their dirty little (most likely illegal) ways to pump up their ill gained profits.

If you assume that 15,000 are required and that Longford, Cavan, Leitrim are ever going to get rid of the overhang, we are very close to a property shortage.

The managers in a local branch of a foreign bank used to accept free houses in developer’s estates in return for development loan approvals.
The government is now aiding and abetting this sham bank to throw people out of their homes so that it can shut shop and leave the country fast.
This looks suspiciously like Clerical abuse II except this time there are 100′s of thousands of victims.

It may seem unbelievable, but there are currently apartments being built in Dublin. The projects only started a few months ago.

Dublin needs more apartments in the city centre, commuting by car is going to just be a more and more expensive option so our cities need to head up in future.

Tomás, Couldn’t an integrated efficient public transport system sort that problem?

Don’t be talking sense, Damocles..the numerological consumptive ecognomey demands traffic-jam idling engines on driver-only cars to ratchet oil profits. Less with the efficiency and logic.

Just because a place has excellent public transport doesn’t mean that people will want to live there, e.g. Adamstown.

Obviously there are many factors that would preclude an integrated efficient public transport system. But such a course of action could solve that problem.

@ Danny
I would well believe that apartments are being built in Dublin as we speak.

However I’d say that these are being built to let by the landlord (now that building is cheap).

The only time that you see these squats being sold to Joe Public is when Joe Public are illegally being scammed by criminal bankers with 5-6-7-8-9-10+ times income mortgages, into paying multiples of what these shoeboxes are actually worth.

Ohh how I remember the property launches during the boom,
all the corner plots and better units were sold of cheap to the builders and bankers kids and cronies before the launch,
and Joe Public was left to forage through the scraps.
Well I hope these builder and banker cronies got well screwed on their little scam, because Joe Public certainly did.

Not sure the two can be linked like you claim though,

Waterford has some of the highest (if not the highest) unemployment in the country but yet it has very few unfinished houses

Was just about to point that out. I’m quite surprised by that tbh!

Donegal has one of the highest levels of unemployment and yet it seems the percentage of unused units is one of the lowest.
I don’t really get what point you’re tying to make.

Nice Map.
Now lets see the one with.
(1) The households with mortgages in negative equity (50%)
(2) The households living in substandard, cowboy built deathtraps (???????).
(3) The homes being repoed and on the way to being repoed by greedy vile (taxpayer funded) bankers, assisted by our toothless government (100,000 and counting).

I think this will give a more accurate picture of how things really are.

Giving the houses to social housing may seem like a good idea but what is the message we send to people on the housing list? You are only good enough for a house on a (quiet often dangerous) ghost estate. There is a reason that they couldn’t be sold, alot of them are in isolated areas with no amenities or infrastructures. How are people to get back on their feet if we put leave them ( and it is getting harder to change a house when you finally get one or in fact, turn one down) in isolation?

Don’t worry these badly built, damp, rotting squats would have been snapped up by NAMA’s and the Government’s cronies long ago if they were worth anything.
All that you see here is the badly located decaying leftovers.

Do a little experiment, desert your house for the next 5 years with no heating and tell me what it feels like when you move back in.
Please note this experiment works better if your house is built on a floodplain or a bog in the middle of nowhere.

How many?

Do you think homeless charities should buy up all these houses then?

some arrangements could be considered

Sure, NAMA could lease them to the housing charities on the consideration that they be maintained.

Everyone’s a winner.

Don’t we own them already through NAMA?

They won’t put them on the market because it would lower the landlords’ rent.
Its like the disemployed labour pool, it keeps the working units cheap.

We have a team of auditors out in Uganda because of €4ml astray in aid funds…but the €40bn bank scam is fine.

More like a €74 Billion+ (and counting) bank scam.

Anything over a fiver and I get confused. I think you get my point.
And its a vanishing horizon anyway, the debt will deepen as the depression drives more rollover and compounding.

That’s why they used the figure for number of vacant units per 1000 households. It kind of steps around that problem

Simple! Who’d buy them?

If the price is low enough someone will. Oh, sorry, I was supposed to say simple, right?

For many of these properties the cost of making them and the areas they are in habitable is far in excess of any return you could expect even if you got the property for nothing. So even for free nobody would take many of them. Also if Nama were to suddenly dispose of all the property that could be sold they would generate a huge loss for themselves and have a huge negative effect on property prices locally. Both results will have people up on arms.

You put your finger on the nub of the crux.

Property prices. The collective psychosis hasn’t gone away, you know.

The national cortex got jammed in the till when Goldman Sachs&Co slammed the lending window in terror at the unsustainable sub-prime monster it had Frankensteined into existence.

If we don’t address the perverted value system underlying the cyclic idiocy of lucre-worship people will be up in arms in a real and more dangerous sense than your metaphorical use implies.