Tuesday, Oct 28, 2008
Another -ve eqty headline
PropertyWeek.com: 1.2m face negative equity says Bank
"About 500,000 home owners are already in negative equity after a drop in house prices of almost 15% from last summer’s peak, the Bank’s figures indicate. An identical fall in prices would push another 700,000 of Britain’s 11.7 million mortgage holders into negative territory, it says.
Posted by 51ck-6-51x @ 10:19 AM (700 views) Add Comment
9 Comments
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1. 51ck-6-51x said...
"...It illustrates how the effects of the financial crisis are spreading ever wider into the real economy."
How the housing crisis became integrated into the world of high finance and backfired onto the real economy, would be a more accurate description I believe.
2. Dantheman said...
Shouldnt have borrowed so much should they then? Shouldnt have been encouraged to do so by everybody in YOUR industry. Estate Agents, acting irresponsibly, and immoraly, and greedily. Bankers, acting Stupidly, imorally and without thinking.
Politicians, who failed us all. Because, 'If its going smoothly, dont touch it' mentality ruled.
The real losers?
People who have been priced out for ten years. Who have wasted tens of thousands of pounds paying rent. Hard working responsible professionals, who have had to put their life on hold, because they have nothing to offer.
And they have the audacity to whine about it now?
How very dare you?
3. Athom said...
and the rest
4. This comment has been removed as it was found to be in breach of our Blog Policies.
5. Mark Wadsworth said...
Oops, wrong link.
Mark's negative-equity-o-meter confirms the half-a-million in nequity at 15% stage, but says about 1.6 million mortgages would be in Nequity is prices fell 30% from peak, so that seems a bit on the low side. Maybe the balancing figure is because 400,000 will be BTLers with more than one mortgage?
6. This comment has been removed as it was found to be in breach of our Blog Policies.
7. mark wadsworth said...
Third time lucky?
Mark's negative-equity-o-meter confirms the half-a-million in nequity at 15% fall level, but says about 1.6 million mortgages would be in Nequity is prices fell 30% from peak, so that seems a bit on the low side. Maybe the balancing figure is because 400,000 will be BTLers with more than one mortgage?
8. Affordablehousing said...
The Bank of England and it's liebour mouthpiece Mervyn King INCREASINGLY keeps telling us all the bad news that the brown misgovernment should be doing.
Getting M King to do it, detracts criticism away from brown, HM treasury, FSA etc.
It's all the Bank of England says this, the Bank of England says that, and some of the time it's not even accreditted to any one person, just "the Bank of England says".
How to avoid blame!! get someone else to break the bad news.
If we has a UK base on the Moon, they'd be telling us all this now.
9. mark wadsworth said...
@ RM90210, if you're wondering who reported your comment, that was me by mistake, but I then reported my own report so hopefully that green circle will disappear again. I totally agree with you BTW.