House Prices in Ireland are Down

Here in Ireland, house prices are going down.

One owner in Dublin has dropped his offer price five times – by 100,000 euros. In Waterford, a typical price has come down 90,000 euros. And in County Wicklow, there’s a photo of a house that has come down 65,000 euros. The Irish Independent says, “Prices have come down consistently, all through 2007.”

What is still shocking to the foreigner is how little you get for your money in Ireland. The house that sold for nearly $1 million in Dublin looks like a very modest semi-suburban house…worth maybe $200,000 in Houston. And the house in Co. Wicklow that is now on offer for $300,000 is a “semi-detached” three-bedroom model of the sort you’d expect to get for, say, $150,000 in Florida.

As predicted, politicians in the United States are taking up an anti-business, anti-greed, anti-globalization line of guff.

Huckabee, for example, is whining about corporate bonuses and losing American jobs to offshore competitors. Hillary, too, is kvetching that the middle class is getting a bad deal. And Edwards has been pandering to the rabble from the get-go.

Now the Chamber of Commerce is fighting back, vowing to spend $60 million to “punish anti-business candidates.”

“We plan to build a grass-roots business organization so strong that when it bites you in the butt, you bleed,” chamber President Tom Donohue said.

Our guess is that ‘you ain’t seen nothing yet.’ Once the middle class really comes to understand how it has been ruined, populist scoundrels are going to sound almost reasonable.

Bill Bonner

Bill Bonner

Since founding Agora Inc. in 1979, Bill Bonner has found success and garnered camaraderie in numerous communities and industries. A man of many talents, his entrepreneurial savvy, unique writings, philanthropic undertakings, and preservationist activities have all been recognized and awarded by some of America’s most respected authorities. Along with Addison Wiggin, his friend and colleague, Bill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. Both works have been critically acclaimed internationally. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and Markets, which offers concrete advice on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and the driving force behind Markets and Money.
Bill Bonner

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