A helping hand for homeowners
THE forensics of what might be termed a national homeowners' crisis are beginning to emerge and they do not make a pretty picture. The property collapse has wreaked havoc with the nation's finances and those of hundreds of thousands of its citizens. Confidence has fallen as rapidly as the price of houses. During the boom, one in every seven adults was interested in buying a house; today the corresponding figure is one in 50.
More and more people are slipping into negative equity. That is, their outstanding mortgage is bigger than the value of their home. More and more people are finding it impossible to meet their monthly repayments.
These can seek emergency welfare support, but the scheme has been found to be unsatisfactory for a variety of reasons.