Million Brits Owe More than Their Houses are Worth

A million homeowners could face negative equity says City

More than a quarter of a million British householders have slipped into negative equity, City analysts say. The investment bank Citigroup says house prices have fallen seven per cent since the autumn, and could drop to 15 per cent by the end of 2009. The collapse has led to large numbers of people owing more than their properties are worth - possibly as many as 1 million people by the end of next year. (Observer)