One of the biggest stories in the news nowadays with the most common academic words replaced by gaps. Don’t cheat and look at the Times- have a go first and post your answers here.

April 17, 2008

One UK home in 10 ‘to fall into …………………………….. equity.’
UK house prices are forecast to fall by 15 per cent over the next two years that would push 10 per cent of Britain’s homeowners into _________________ equity, signalling a return to the housing crash of the early 1990s. _________________ at Morgan Stanley, the US ______________________ bank, _____________________ that house prices will fall by 10 per cent this year and 5 per cent next year, forcing 1.2 million borrowers into _________________ equity, which means a person’s home is worth less than their mortgage. The bank also paints an even gloomier ______________________, suggesting that if house prices fell by 25 per cent over the next two years, more than 2 million %97 or a quarter of all borrowers %97 would be _______________________. Morgan Stanley’s _____________________ said: “Our base case is for a 15 per cent fall in nominal prices over two years… our bear case looks for a 25 per cent _____________________ over two years.” However, the bank warned that its calculations on how many people would face _________________ equity could actually be too low. “Note that these figures will ____________________ understate the magnitude of ________________ equity as we have _____________________ lending in 2008.. and ___________________ future lending,” it said. Recent Government figures showed that property prices fell by 1.6 per cent in February. The ________________ rate of house price growth slowed to 6.7 per cent, the lowest rate in 19 months, down from 8 per cent in January, figures from the Department of ________________________ and Local Government showed. A record number of surveyors have also reported house price falls. Nearly 79 per cent more surveyors said prices fell rather than increased in March %97 the highest ____________________ since the Royal _____________________ of Chartered Surveyors started its poll in 1978. The ___________________ note was co-authored by Professor David Miles who a non-executive board member of the ____________________ Services ____________________. Several years ago he carried out a Treasury-backed report on longer-term fixed-rate lending in the UK. In the early 1990s, house prices fell by 10.6 per cent over a prolonged ________________, leaving owners sitting on houses they were unable to sell without the risk of losing large _____________ of money.

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