A Year Of The Credit Crunch: Heaven Knows We’re Miserable Now!
The Independent ran a rather sobering piece in their weekend’s business analysis section where they’ve tried to put down some statistics around what has changed in the year of the Credit Crunch. Although half of the article looks at financial markets and business implications, the latter half brings it back to the effect on everyday people – from losing their homes to listening to the Smiths!
Ratings agency Standard & Poors has estimated that as many as three million homes are worth less than their owners paid for them. Last year 25,000 homes were repossessed; the gloomiest estimates suggest that figure could almost double in 2008.