House bubble bursts, but whose fault is it?

HOUSE prices in some parts of Sydney have almost halved as battling borrowers struggle to keep up with increasing interest rates.

“It is clear that some people just paid the wrong price for a property and that happens a lot,” Mr Edwards said.

“In every suburb in Sydney, there will be some properties that will have lost value because in every place in Australia there will some foolish person who paid too much for a property.”

» House bubble bursts, but whose fault is it? – news.com.au, 12th May 2008.