saturdaynitespecial wrote:SINGAPOREANS who are prepared to go into heavy debt
for 30yrs buying grossly over-valued leased properties
and forking out $50,000+ for COEs have to spend their
whole lives working like a dog damaging their health
in the process and then going into more DEBT on hospital bills
ARE NOT very smart people.
The ones with the largest crystal balls, of course, carry the most weight. It's lovely how predictions about the future are always right.JayCee wrote:According to a few reports I've read recently, 2013 is the time when a lot are predicting that things will go belly up regarding the house prices as a lot of new private developments will come on to the market at that time, a lot of which will apparently stand empty.
No idea how much weight is behind these reports, but will be interesting to find out
That is so true. I fail to see the logic of their actions.saturdaynitespecial wrote:SINGAPOREANS who are prepared to go into heavy debt
for 30yrs buying grossly over-valued leased properties
and forking out $50,000+ for COEs have to spend their
whole lives working like a dog damaging their health
in the process and then going into more DEBT on hospital bills
ARE NOT very smart people.
.
+1the lynx wrote:That is so true. I fail to see the logic of their actions.saturdaynitespecial wrote:SINGAPOREANS who are prepared to go into heavy debt
for 30yrs buying grossly over-valued leased properties
and forking out $50,000+ for COEs have to spend their
whole lives working like a dog damaging their health
in the process and then going into more DEBT on hospital bills
ARE NOT very smart people.
.
And add the part 'heavily made-up ladies prancing around with LV and Coach bags as if their faces heavily depends on them (while adding another chunk of debt into their never-ending social-status-upgrading-expenses'
I think the daftness comes in when, knowing full well that property is really expensive, some Singaporeans go out of their way to buy cars which they really don't need or houses that are way beyond their means, just so they can be perceived to be better than others. But more emphasis on the cars.k1w1 wrote:When it comes to property, what choice do people have? Private property is well out of reach for most people so HDB flats are the only option. I don't see how that makes anyone not smart...
I was curious about people buying houses beyond their means, and whether it is fair to single out Singaporeans, so I googled some data. If you can service the loan, then it is within your means. So the default rate on mortgages shows how many buy beyond their means. Here are default rates of a few countries:nakatago wrote:I think the daftness comes in when, knowing full well that property is really expensive, some Singaporeans go out of their way to buy cars which they really don't need or houses that are way beyond their means.
I don't know about OP but I wasn't singling out anyone; just reasoning out an observation based on OP's post. I'd hate to have another "..but they have it worse!" thread. Comparing anything to something worse always makes anything look better.Wind In My Hair wrote:I was curious about people buying houses beyond their means, and whether it is fair to single out Singaporeans, so I googled some data. If you can service the loan, then it is within your means. So the default rate on mortgages shows how many buy beyond their means. Here are default rates of a few countries:nakatago wrote:I think the daftness comes in when, knowing full well that property is really expensive, some Singaporeans go out of their way to buy cars which they really don't need or houses that are way beyond their means.
The Philippines (Dec 07): 5.35%
US (Dec 09): 4.6%
Australia (1Q 11): 1.79%
Japan (1990s): 0.6%
Singapore (Mar 10): 0.29%
I was just putting some figures to what ScoobyDoes had said earlier, which I found to be more objective than the many unsubstantiated opinions.nakatago wrote:I don't know about OP but I wasn't singling out anyone; just reasoning out an observation based on OP's post. I'd hate to have another "..but they have it worse!" thread. Comparing anything to something worse always makes anything look better.
ScoobyDoes wrote:Well, it's unfair to say Singaporeans are not very smart people in isolation without also adding that Americans, Greeks, the Irish, Portuguese, Brits all currently are causing themselves and others problems precisely for the same reason...... not living within their means, and competing with the Jones'.
HOWEVER, in those other countries the spending was done more by choice not quite through necessity. Locals have little choice but to buy into the (still overpriced) HDB system and for just as many, owning a car is not a luxury - I know I need mine. The problem in the more 'Western' societies is still pretending to better than one's bank account can afford.
It's amazing what context does to a post.Wind In My Hair wrote:I was curious about people buying houses beyond their means, and whether it is fair to single out Singaporeans, so I googled some data. If you can service the loan, then it is within your means. So the default rate on mortgages shows how many buy beyond their means. Here are default rates of a few countries:nakatago wrote:I think the daftness comes in when, knowing full well that property is really expensive, some Singaporeans go out of their way to buy cars which they really don't need or houses that are way beyond their means.
The Philippines (Dec 07): 5.35%
US (Dec 09): 4.6%
Australia (1Q 11): 1.79%
Japan (1990s): 0.6%
Singapore (Mar 10): 0.29%
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