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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Haim R. Branisteanu who wrote (77785)	4/17/2008 4:40:53 AM
From: Haim R. Branisteanu	Read Replies (1) of 116555

Vacant Homes in U.K. Prove Speculator Nightmare as Losses Mount By Simon Packard April 17 (Bloomberg) -- Richard Lee spent 5.3 million pounds ($10 million) buying 20 rental homes across the U.K. with just 150,000 pounds of his own money. Today, the properties are worth about 60 percent less and owned by the banks that financed the purchases. Lee was one of thousands enticed by one of Europe's top five best-performing residential property markets during the past decade. Now repossessions are mounting and properties stand empty as many investors fail to find the tenants needed to cover their mortgages after a building boom flooded cities, especially Leeds and Manchester, with apartments. bloomberg.com

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