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A lot of mortgages have been given over the past dew years to people who cannot keep up the payments = so called sub-prime mortgages. The banks have suddenly found out that they have a lot more "bad" mortgages on their books than they thought. This has had repercussions on the financial markets. But in the housing markets it means that A) there are a lot of repossessed houses on the market, which drives prices down and B) the banks are being a lot more picky about who they will give mortgages to, which means there are less buyers, which drives prices down. Which means that if you are a creditworthy person with a safe and regular job, now is the time to buy.
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