from ABC radio - the World Today (thursday 20 december)
PETER RYAN: Mark Wist also worries about the exposure of other in the property sector given the dire outlook in the United States.
MARK WIST: There seems to be considerable continuing concern about liquidity in those debt markets and the further ramifications that might have on things as simple as the United States residential market, where the numbers suggesting that up to 13 million households may face negative equity if they're unable to refinance at reasonable rates in the coming year or two.
PETER RYAN: In other words, negative equity, that their loan is worth more than the property.
MARK WIST: Correct.
PETER RYAN: One expert is predicting a storm of foreclosure, with two major waves before the worst of the US housing slump is over.
more pain to come
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