BBC: America’s house price time bomb

By Michael Robinson
BBC World Service

With the American housing market in its worst crisis since the Great Depression of the 1930s, President Bush is expected to sign into law a massive new government intervention designed to slow the slide.

For sale sign on a bank owned house

Banks in the US could end up owning ever more houses

The intervention would come as a little known quirk of US law threatens to drive down house prices even faster.

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