Northern Rock's share price is collapsing, its customer base is disappearing, and its reputation is in ruins. Within a week or so, the bank will be nothing more than a bad memory as it is swallowed up on the cheap by one of the high street banks.
However, are there other UK banks about to slide into the abyss? The UK housing market is financial disaster waiting to explode. Far too many people are holding mortgages that can't be paid back. The market is riddled with naive small-time property speculators, and once prices start to slip the whole sinking edifice will collapse.
Be afraid, be very afraid. The housing market is about to destroy the UK economy.
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