businessmen forced to sell homes

One person i know owns a Pub in the meadowbank area of sydney. The banks have halved the value of the Pub since 2006. Have stated that the guy that owns it to reduce his debt by about 50% even though the pubs takings are more than they were in 2006 and meeting all obligations of loan for Pub. So now he has to sell 2 or 3 or maybe 4 of his investment homes to reduce the forced debt reduction required to be met by the bank that issued the loan.

Another person i know owns a real estate business on the northern beaches of sydney. A number of business deals on the commercial side have fallen through even though the paperwork has been signed. One party has now reneged on the agreement but it has left him- out of pocket for his efforts which he spent the best part of 18 months on and he has to now sell his home in the Narrabeen area to meet his banks commitments with his business.

Now people in business have to sell their homes and investment properties in the current climate just to meet their banks loan obligations putting more forced selling of homes on the market. ( these are really duress sales and it is becoming more frequent and will get alot worse next year after Christmas and the new year period is over)