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« Back to comments"How would you feel if house prices fell by a third?"
 From formertory in reply to Wigner's Friend  1 minute ago.  
Yes - I intended to make the same comment.
Negative equity may be the result of gross stupidity at all kinds of levels (governmental, legal, economic, fiscal, as well as personal) but it's a personal disaster for those caught, who can't or won't move, and bad for their employers and for the economy. I keep trying to point out to people that if banks - and I presume they do - still have to make provision for bad and doubtful debt, and write off chunks of it, then we're a hop, skip and a jump away from Banking Liquidity Crisis 2 and it won't matter whether Carney wants to hold interest rates down, lending rates will be going up to match risk (reversion to SVR etc).

We are soooo screwed.

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