Courtesy of the Sunday Independent -
“Finance Minister Brian Lenihan claimed yesterday that the residential property market will stabilise following the transfer of toxic debt from the banks to Nama — and predicted that people will now begin to buy houses again.
Yesterday, Mr Lenihan told the Sunday Independent: “One of the good things about the steep discount, averaging 47 per cent, is that the residential property market will now be stabilised at a realistic level.”
He added: “You can now buy in confidence that the price is realistic.”
The Finance Minister’s belief that the property market has hit the bottom will come as a surprise to a number of economists, and other observers of the market, who recently predicted a further decline.”
The Minister just can’t help himself, he’s obviously bursting with pride over his new child, NAMA, that he feels compelled to make even more fantastical predictions. Famous last words.
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