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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)