pwinni, the rich (with 6+ properties heavily geared in some instances among people in my circles) are getting toasted. We are talking about literally $millions in losses.
Problem here is despite the hefty discounts, there are still no buyers. That means more losses to come unless thay bite the bullet and sell at a significantly steeper discount.
The high end stuff at the moment is ground zero.
As Battalino said, the FHB numbers still haven't shown up big time yet in percentage terms.
