With the credit crunch and the related problems in the housing market, financial services and the rest of the economy causing pain for families and difficulties across the private, public and third sectors, there is interesting historical background on the Housepricefacts website.
There are some cringe-worthy quotes such as Gordon Brown’s from 1997:
I will not allow house prices to get out of control and put at risk the sustainability of the future.
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The collapse of the US housing market has had a particularly devastating effect in the state of California, where the housing price boom was particularly pronounced, and the subsequent decline has been particularly disastrous. Hundreds of thousands of working and middle class citizens are in danger of losing their homes.
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mikemathew
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Have come to visit your blog.
Can't think of anything profound or useful as a comment but thought I would say hello while here.
Susan Harwood
SHOUTING AT THE RADIO
Mike, I realise that things are worse in the US than the UK. In fact I read that in the US some of the effects of certain bizarre "reverse amortisation" mortages (where repayments do not even cover interest for several years) have not yet started to bite so there may be another dip - with, I expect, global implications as well as local ones on the families most directly affected.
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