Friday, April 27, 2007
Excellent common sense article
Yet the experts still say, don't worry. Much of this debt is backed by property. House prices are going up; they always do. You know it makes sense. Really? Am I alone in not understanding hocus-pocus economics? How can houses, some of which are being acquired on mortgages of six times the buyer's salary, keep increasing in price at a rate of more than twice income growth? The numbers add up only if you want them to - and plenty do.