A boom or a mirage... in property ???

With extra cash...home buyers have been shopping for
their dream home for the last two weeks.
Developers were ready with 'attractive' deals to unload
their unsold units. They managed to sell off over one
hundred units over the last two weekends to unthinking
buyers who will find themselves in deep water. The
developers are smiling on the way to their bank.

Many were disappointed...they found that prices had
gone up and it is still beyond their means ever with higher
loans available. (in fact, they were the lucky ones)

The unlucky ones were the ones who could not afford
the new home before...now they bought the houses
with higher loan...from bank and CPF. Is it a blessing
or a curse ? Lets's look deeper ...

They paid a higher price now.
The repayment sum is much higher, for the extra interest
(amounting to 80% of the extra load), over a longer
period.
They have no more savings for raining days...They
will be in deep trouble if they should lose their jobs
or fall seriously ill.
If this should happen, they will be driven from their
house, their home taken by the banks to be auction off.
They will be homeless.
The new home owners will worry sick over the
long term..They will have pray that they do lose their
jobs or fall sick.

Is losing their home far fetch or a high possibility ?

With the end of lifetime employment, employers
now routinely fire older employees to save staff
cost by hiring younger ones at much lower salary.
It is now almost a certainty, the new house owners
will lose their jobs sometime in future....It is unavoidable,
and it is something they could do nothing about it. ...
they consequently will lose their home.

MNCs will relocate their business after the tax breaks
period....the relocation is within 5 to 10 years.
Not only production operators, but factory managers
will be retrenched. The retrenched home owners will
lose their jobs and their dream home.

There will be more suicides and more misery because
they foolishly bought a home they could ill afford.

Most Singaporeans will do their sum carefully and
consider the risk of losing their home before
jumping into the financial quick sand of buying a home
beyond their means.

The initial bubble is frizzling out....and developers are
selling less units now......The property market will
sink to lower level soon.


Bad boy.




.

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