Similar situation in the UK Sinsull

In a geographical analysis, Fitch Ratings found in Northampton, 23.6% of mortgages are now bigger than the value of the property they were used to buy and in Sunderland, SR1, which is the UK's epicentre of negative equity, Fitch reported that 43.7% of mortgages (by value) are higher than the current price of the property.

In the Cambridgshire towns and villages covered by the postcode CB25, where 27.6% of mortgages are in negative equity, the average amount is £13,369

Guardian Money report Tuesday 23 June 2009

One web site specializing in the sale of repossesed homes advertizes that they are sold on average at 36% less than market value which, as Sinsull observes, also affects the price of other homes in the same area

The Council of Mortgage Lenders reported that the number of actual repossessions in the first three months of this year were 62% higher than a year earlier and estimated the number of homeowners facing repossession this year to be 65,000

Sad days for many people