Dumepr2, there is a relationship between housing and interest rates. please dont look at the US as it is only official rates that are low, mortgage rates, if you can find, as lending on property is at a standstill, are still high.
As to the debt on housing much of it is personal and consumer debt to allow the purchase of the holiday, the new car, the plasma and the shopping. some peoplewho couldnt help themselves are in real binds. these are the ones that will be forced to sell in a buyers market, and if you are in the wronfg place and wrong time, you have to give it way.
