It seems to me to becoming a more and more serious problem, that people are getting into debt, negative equity and then fighting in divorce to get any equity out of the family home (for most people their most valuable asset) or trying to get their name off the mortgage so that they can be released from the burden of debt and maybe afford to be able to rent or buy another house.
I just wonder how long it is going to be before a total stalement with people not being able to sell because of a stagnant housing market, not enough buyers being able to get into the market because you folks either can''t get jobs or cannot get jobs that pay enough to qualify for mortgage lending in the new era of responsible lending.
I also wonder with more houses going to repossession and auction just who after a while is going to buy them and then how the people who are displaced by repossession are going to be able to afford rents not least because they will maybe have bad credit ratings because of the repossession in the first place.
Bit gloomy but then I am feeling very gloomy today.
Would be interested to know what others think - at some point soon aren''t the banks who have been happy enough to lend at large multiples, self certification, interest only going to have to come to some better arrangement on balancing the books and making sure that increasing numbers of people are not forced out on to the streets?