See the Irish Property Bust: Ghost Estates and 1 Million Empty Homes

Thursday, March 31, 2011

While waiting on the results of the Irish bank stress test, sniff out Ireland on the ground. Join our virtual tour of the collapsing Republic of Ireland and see its widespread eyesore called 'ghost estates'. In the world's economic disaster zones Ireland weighs in with roughly one million excess homes, the result of a decade of low interest rates and banks willing to sponsor any and every building project that will leave a final tab of anywhere north of €300 billion.
Forget the statistics, this economy is definitely dead.

VIDEO: Ghost estates are defined as building projects of 10 or more units where more than half are empty or unfinished.
By now all Irish banks have been nationalized, leaving taxpayers to foot the bill of the country's financial and economic crisis. So far banks have received a whopping €208 billion or 154% of Ireland's GDP in aid from the ECB and the Irish central bank, another €67 billion come in state guarantees and IMF loans. Ireland is wrecked and this is only the first Euro member to crush under its debts.
Maybe it would have helped if YouTube had been around earlier. Check this Irishman who knew how it would all end - 13 years ago.

VIDEO: Not that there were no early warnings; but who wanted to listen in 1998?
Today Irish banks will disclose the performance of their residential mortgages. Get ready for another blow-out of Irish yields as this could result in the immediate need of a €30 billion injection.


Wikinvest Wire