What would you do if spent tons of money on buying a house on the coast, and then one day you were told that suddenly your house is worth nothing.
You can’t borrow or do anything with it. Its worthing NOTHING.
That is what is happening in England. Many people who had bought properties along the coast are now finding out that there houses have no value.
Who is to blame?
The residents say that they were told the country would hold the coastline, while the government says they can’t protect the entire coast because it is too big.
Apparently the area is already losing one house per year, so it seemed like a risk to begin with.
Could this ever seriously happen in the U.S.?
Watch the full video on CNN.
More on this topic
(What's this?)
U.K. Slips into Double-Dip Recession
(Wall Street Daily, 4/25/12)
The Utterly Horrifying English Welfare State
(The Cynical Economist, 4/30/12)
Bluepoint daily market view – April 27, 2012
(Blue-Point-Trading, 4/26/12)