Dubai's first foreclosure

Dubai’s housing rout sent prices down 52 percent in the past year, prompting some homeowners to abandon their cars and mortgage payments and flee the country. Not one received a foreclosure notice.

Until now.

www.bloomberg.com...

So, the rooster has come home to roost? Related thread here about foreigners leaving Dubai last year: www.abovetopsecret.com...

www.bloomberg.com...

[edit on 11-1-2010 by star in a jar]

About a year ago, I saw a story on Canadian news TV about a family from Canada who went to Dubai so daddy could make gobloads of money, but it was obvious they didn't like to stay there, and were planning to leave (I guess when the good times ended)

I bet they're probably gone already after sponging off the locals. I thought it was interesting that the father seemed to know that something was up regarding Dubai's economy and future.

*messed up first post, sorry*



[edit on 11-1-2010 by star in a jar]