facing financial ruin after a slump, the age

The age today says

MANY people who bought houses on Melbourne's fringes in recent years could be facing financial ruin after a slump in prices has left them owing more to the bank than their homes are worth, experts have warned.

http://theage.domain.com.au/real-estate-news/home-owners-facing-loan-repayment-disaster-20120708-21pkl.html

In the united states, net household wealth fell 38.8 percent in the three years after their property crash. But for generation x who were starting new families and brought at the top of the market, they wiped 54.4 percent off their household wealth, because of leverage. They owed more on their homes than what they are worth.

Its just the beginning, don't buy now!