Homeowners in the US voluntarily foreclosing their mortgages once the value of the mortgage exceeds their property equity.
I really had no idea what the housing market in the States was like. I’m starting to realise how boned their economy truly is right now.
I don’t think it will happen here, our economy is too hot at the moment and there’s little being done to reduce the demand on (or increase the supply of) housing. It may get to a point where affordability is so poor that prices will drop a little but a crash like what is happening in some parts of the U.S. is very unlikely.
*cough*