Tuesday, August 4, 2009
Some sort of DISTRESS INDEX: Q3 2009
"The forgotten mass market: working-class homeowners trapped in debt â€œWhile our business primarily looks to assist sellers at the mid to top end of the market, our latest Distress Index reflects continuing problems for the forgotten mass market of working-class homeowners. These owners are trapped by a combination of surging unemployment, reducing household incomes, growing negative equity and increasing mortgage costs, with no chance of securing a competitive, new mortgage rate. At PPR, we are continuing to experience a growing number of enquiries from homeowners at the bottom end of the market, who are desperate to sell and have nowhere else to go."