Wednesday, Jul 11, 2007
Property Market Faces Bad Debt Scare
Yahoo: Property Market Faces Bad Debt Scare
"Homebuyers in the UK may soon be feeling the effect of a bad debt crisis in the US." Mainstream coverage of bear news, I logged on to me emails this morning to find this link!
Posted by millard @ 09:33 AM (138 views) Add Comment
1 Comment
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1. dohousescrashinthewoods said...
Yowsers, this is tenuous:
"High levels of consumer debt coupled with more difficult economic conditions will drive the sub-prime mortgage market forward over the next five years.
"With more defaulting or meeting payments late, more consumers will fall into the sub-prime population."
So as conditions get worse, the market goes "forward" because more people fall into it! Spintastic.
Presumably that's code for "less and less people will be creditworthy and we will make more and more losses from defaults"