Well, I was working for a major corporation in USA from 2000 to 2006 and witnessed the property boom and the start of the subsequent bust first hand. I had a lass at work tell me how her husband bought three town houses in Dallas TX and were on the verge of losing everything.
Against my friendly advice, colleagues of mine were keen to jump in and buy a house at this time as prices had started to decline. These same friends are still trying to offload these properties.
I have been living in UK for the past couple of years and we still get mail/letters of demand from credit/debt collection agencies for the previous owner of my current house. It seems that the debt has been sold on many times and each debt collection agency tries a little harder to recover this debt. The previous owner who was evicted by the bank, is not in a nice situation as the locals know the family concerned and the neighbours kids know their kids. Well, lets just say that their name is mud. You could say that they live in “fear”and appear reluctant to surface into society. All their possessions were also taken by the bank and even the kids toys were taken or disposed of.
