More worries for homeowners in the USA with similar situations developing here in the UK
See my other Blog
The upshot is that if you are selling, make sure you get out of a deal soon, and if you are buying the cards are now stacked in your favour providing you make a low enough offer.
These situations tend to re-inforce my belief that property topped out in 2005 and makes the Bank of England's comments on house price inflation pretty hollow. Mostly anecdotal evidence from the lending vested interest groups.
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