Word: mortgagee
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But could that passion for real estate also drag the nation down? After trebling in the decade to last October, the average U.K. house price fell for the sixth straight month in April, according to Nationwide, a British residential lender. At $354,000, that price is 1% lower than it...
The British are all the more exceptional in their willingness to bet big on property. Mortgage debt as a percentage of the country's disposable income stood at 125% in 2006, compared to 103% in the U.S. and 71% in Germany. One reason is that British homeowners came to fervently...
Some 1.5 million U.S. homes fell into foreclosure in 2007, and the number will probably be even higher this year. Congress is debating a bill aimed at slowing this tsunami, but the window to act is rapidly closing. Next year the focus is likely to turn to preventing a rerun...
The mess has also caused some economists to question why we subsidize housing so heavily in the first place. The tax deduction for home-mortgage interest alone costs the government about $80 billion a year, and most of that benefit flows to the wealthiest 16% of taxpayers, according to the...
Several countries have dropped the mortgage-interest deduction in recent years, with no noticeably adverse effects, but there's no indication that any of our presidential candidates are contemplating such a move. What is likely to be on the next Administration's agenda are measures to restrain Wall Street - which...