The truly frightening thing will be the ones who borrowed far above what they could realistically manage (lots in that boat i imagine) and now see house prices at or below what they borrowed to buy.
They dont want to sell (or cant sell due to low liquidity)at a loss yet recognise that if rates rise and prices drop they will be court with their trousers around their ankles doing the 'house prices only rise' shuffle.
Those that have leveraged off one house to buy others, well, they will get to know the full meaning of the word pain.
Lets hope the USA does not default on their deficit repayments.
Property is a dead duck, if you can not see it now you are either blind or need your eyes checked.
Early days, the worse is yet to come.
JW
rate hike next month , page-12
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