Negative equity hits one in six prime mortgages

This is nothing but deflationary.

Once again – nothing wrong with deflation. It actually makes for a much better quality of life and improved standards of living…. if you are not burdened by debt that is…

What you should be concerned about is that in a deflationary recession that will very likely become a depression at this stage, is that Western governments cannot admit bankruptcy. But bankrupt we are. The political solution out of this mess is going to be an entirely avoidable world war.

http://www.guardian.co.uk/money/2009/jun/23/mortgages-negative-equity

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