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The Masked Tulip

Kicked In The Cobblers!

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Justin Egberts, boss of estate agents JE Properties, said: "During the boom years many first-time buyers were given huge mortgages of 95, 100 per cent or even more. With no deposit, it's obvious that if the market took a downturn they were going to be in negative equity."

I wonder if Justin was kind enough to point this out to potential purchasers at the time?

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http://www.newsoftheworld.co.uk/news/39036...e-Cobblers.html

Nice article and graphic in Britain's biggest selling Sunday newspaper.

Yes, good but seems to indicate that the South East does not exist. (Only "outer South East") is mentioned. Areas including Hampshire do not have a little blue or red house... Any ideas why? Perhaps that's because there's no negative equity here (!)

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the nightmare of mortgages exceeding homes' values.

most purchases since 2002 are in this position,

and with jobs going its going to make 2002 prices seem unreasonable.

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Let's get this negative equity thing in perspective, guys.

The outstanding balance on your mortgage being greater than the value of your property is only a "nightmare" if you need to sell; otherwise, it's merely a paper embarrassment that you keep secret from your work colleagues.

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Let's get this negative equity thing in perspective, guys.

The outstanding balance on your mortgage being greater than the value of your property is only a "nightmare" if you need to sell; otherwise, it's merely a paper embarrassment that you keep secret from your work colleagues.

Yes, it's true, it doesn't mean your back garden gets smaller or anything. Although anyone having bought in say 2007 is going to be wishing they had waited.

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In the USA in studies it has been proven to be a direct correlation between negative equity and repossessions.

A high percentage of people who fell into negative equity later went on to have their houses repossessed.

I know the housing market here is different in that lenders will chase people for the debt but I would not

be suprised if the correlation ends up being the same.

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Let's get this negative equity thing in perspective, guys.

The outstanding balance on your mortgage being greater than the value of your property is only a "nightmare" if you need to sell; otherwise, it's merely a paper embarrassment that you keep secret from your work colleagues.

Could it be a problem too if you reach the end of some short-term mortgage and find that the negative equity means you're stuck with the bad deals?

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And look at the quality and insightfulness of the economic analysis the masses have contributed at the bottom of the article.

3 dreadful comments vs 269 here. Says it all.

It puts it all in perspective really. Ensuring that the UK population waste their time and energy on such moronic subjects ensures that the political classes can continue to get away with being shite and no one seems to care let along having any chance of understanding what is going on.

I am continually stunned about how much people seem to really care about some of these so called celebrities.

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I'm not surprised to see Nottingham up there, I live in Notts and the University has been expanding exponentially, meaning that a load of wannabe-BTL-millionaires sprouted up. What they don't realise is that the Uni is a step ahead of them, buying up vast sites like the old Raleigh works and providing new build accommodation, with cheap bars and security provided. The area I live in was once a small-scale industrial area with 1900s terraces and actual working people, now it's full of places with TO LET or FOR SALE signs outside.

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