http://www.news.com.au/money/proper...ordan-wirsz-says/story-e6frfmd0-1226248472949
My friends have sent me this link and told me to watch out.... scarey!
My friends have sent me this link and told me to watch out.... scarey!
scaremongering!
- Thread starter arriety
- Start date
Original article said:
Frankly Australia is different to the US and Europe. Our economy is different, our job figures are different, our interest rates are different. Conditions in the US and Europe certainly have some influence, but they can not be broadly applied to the Australian ecconomy.
I'm not saying property prices are on the rise in Australia, but a 60% drop is unrealistic.
He must be working under intense pressure being a self-professed property market analysts to get another headline out each day,if you were to line up 15-20 of people who write like this 20 different experts would give 30 different answers each time..http://www.news.com.au/money/proper...ordan-wirsz-says/story-e6frfmd0-1226248472949
My friends have sent me this link and told me to watch out.... scarey!
quote..
Mr Wirsz joins other international naysayers including visiting US economist Harry Dent who recently said Australian house prices were 50 per cent overvalued.
yes and we know how many times he'd been wrong in the past!
Sounds like Prof Steve Keen on steroids
I note it is always a US Analyst. Maybe they are a bit gun shy.
Last time it was Harry Dent promoting his book and predicting a tsunami.
This time its Jordan Wirsz predicting a bloodbath. Is he selling a book too?
We have some of the highest in the world.
I note it is always a US Analyst. Maybe they are a bit gun shy.
Last time it was Harry Dent promoting his book and predicting a tsunami.
This time its Jordan Wirsz predicting a bloodbath. Is he selling a book too?
Huh??
We have some of the highest in the world.on a % basis, I don't think many loans written are that high.
Wirsz's opinion only, based on??
If they were unrealistic, people would not buy = no issue. Unrealistic vendors don't sell.
I'd be interested to see that stats on that too.
I'd be interested to see that stats on that too.
second mortgages are notoriously hard to secure and often expensive
perhaps he is talking of ......................equity mate .............loans
t
arolf
And what happens to rents when property prices drop by 50%?
Will a Sydney inner west unit sell for $200k but still rent for $400 per week?
Or does the rent come down 50% as well?
Will a Sydney inner west unit sell for $200k but still rent for $400 per week?
Or does the rent come down 50% as well?
How many actual second mortages have you written Rolf? I think I've written 1 since I started in this game. There's always been an easier way to do it.
I've done plenty loans to access equity for investors though.
That's because people who need a second mortgage baulk at the 'excessive fees' associated with it. They then delay, hoping it gets better, but then it gets even worse so they need to go to a caveat lender instead. Then the same problem arises. 'It's too expensive'....
No, there will be so many houses vacant that they'll rent it for free
or so they hopepffft 60%
I think its just become a game of nuff nuffs with no idea who think they have an idea to compete how big % they can say property will drop
I reckon within a couple of months they will be saying that property will drop 150%
I think its just become a game of nuff nuffs with no idea who think they have an idea to compete how big % they can say property will drop
I reckon within a couple of months they will be saying that property will drop 150%
It's nonsense like that which is not backed up by any reliable evidence which the media love to promote and which makes it very hard when you are trying to help friends or relatives think about their first investment property. They immediately shy away and want to wait and 'see what happens'.
http://www.news.com.au/money/proper...ordan-wirsz-says/story-e6frfmd0-1226248472949
My friends have sent me this link and told me to watch out.... scarey!
It is extremely unlikely that the the aggregate value of Australian residential property will drop by 60%.
Of course, no-one here has a portfolio that mirrors, exactly, the composition of the Australian residential property market.
They have individual addresses subject to highly localised effects and well as the national and global pressures.
Which is why the fact that a 60% drop overall is unlikely is of little consequence to the owner of the property in file on my desk that has lost 60% of its value since 2008.
60%?
i mean who throws a cupcake - honestly....
i mean who throws a cupcake - honestly....
http://www.news.com.au/money/proper...ordan-wirsz-says/story-e6frfmd0-1226248472949
My friends have sent me this link and told me to watch out.... scarey!
Fire back this warning to your friends
http://www.ripoffreport.com/mortgage-companies/jordan-wirsz/jordan-wirsz-diamond-bay-mortg-aa3f4.htm
Beware of a guy named Jordan Wirsz. He started a hard money lending company in Las Vegas, NV that went out of business in 2009. That company was Diamond Bay Mortgage. His investors, who were generally elderly and gullible, lost millions of dollars. When the going got tough, he folded his tent, leaving his investors holding loans that were largely or totally worthless. My unsuspecting mother was one of those investors.
He has recently tried to reinvent himself as a motivational guru and coach, and has even started writing books to bolster his credibility. He is a sharp guy and impressive on the surface. Approach with caution.
Multi-million $ residence in FNQ
