Unfortunately this poor bloke isn't the only person in this situation and there is likely to be many more. I feel sorry for him, but in saying that he does share a portion of the blame.
Society's general attitude towards real estate is the biggest problem. Parents pushing property purchases onto their young children because "it's how to make money", unscrupolous tactics and a free reign to make any claim they want from the property industry, govt. ineptitude in distorting the market via demand side incentives in order to increase affordability (here's an idea you moron's, try increase affordability from the supply side) and the other stuff we know all to well has probably sucked this guy into this. By that i mean he has purchased a property without necessarily thinking about what could happen under these circumstances:
- The value of the property drops significantly. - Interest rates, but more importantly the cost of servicing the debt increases. - and the biggie......he loses his job.
