July 21, 2008
House prices could fall for two years
It is now as we begin to feel the full effects of the credit crunch, when we grasp at any story that tends to be in favour of an upturn in the economy but unfortunately, these good news stories are beginning to get thinner on the ground.
Now the chairman of the Citigroup bank is warning that the values of house both here and in the US are likely to fall for another two years. This would have some serious long-term effects on the economies of both countries.
But much worse than that for home owners, is the fact that many will be looking at negative equity and even worse repossessions as the price for paying for their homes becomes much harder to keep up with.
We can only sit and see what happens, but we cannot afford to be spectators in our financial demise.
Source [News Daily]
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