NZ: 1 in 5 owes bank more than house is worth

Written by admin on December 21, 2008 – 9:39 pm

Falling house prices mean one in five homeowners with a mortgage now owes the bank more than their house is worth.

And with a grim economic outlook for 2009 thousands of people are set to lose their jobs and house prices are expected to keep tumbling experts say a cocktail for financial ruin is brewing.

» 1 in 5 owes bank more than house is worth – Sunday Star Times, Sunday 21st December 2008


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