Vanishing equitySome of the neighbours, particularly the ones whose down payment was, say, five per cent, are now squeezed hard. Some go underwater, meaning they now owe the bank more than the house is worth. Turns out they've been living far beyond their means, too; some owe credit card companies $20,000 or more, at 18 per cent interest. Happily, our government is cracking down ever harder on lending practices, doing things Americans would consider socialism. And interest rates are rising.

Source: CBC News September 02, 2017 09:00 UTC