The consumers are borrowed to the hilt and the banking sector is no longer able to provide the consumer with credit. Unless they want to see a major collapse in the financial sector, the government will have to fund the difference and borrow a lot more."

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The new estimates on oil reserves for Opec puts the oil rich regions at a much better position to attract fresh investments from both local and global investors. The bulk of OPEC oil reserves is located in the Middle East, with Saudi Arabia, Iran and Iraq contributing 55 percent to the OPEC total.

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Continued problems in financial sector, could trigger the failure of a large US bank within months, a respected former chief economist of the International Monetary Fund claimed today, fuelling another battering for banking shares.

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The upper end of the market is suffering more. However, whilst the number of British investors is declining the Russians, Dutch and Scandinavians and Middle Eastern Investors have no such qualms. Many are buying on the French Riviera, in the south of Cyprus and the Costa del Sol or anywhere that bargains exists.

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The International Monetary Fund (IMF) predicted today that potential losses from the credit crunch will reach $945bn (£472bn) or higher and said that losses were spreading to other sectors such as commercial property.

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Instead of the standard one-payment-per-month schedule, some companies specializing in accelerated payoff programs solicit mortgage brokers with a custom option for their loan customers. The mortgage broker is offered an incentive, typically $300, to sell the program to his customers.

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It is common to assume that paying bills on time automatically means having a high credit score. Unfortunately, that's not always the case. There are many misperceptions about how scores are calculated -- and yours could be lower than you might expect.

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In many housing markets across the country, property values are declining. In terms of the overall market, this is not necessarily a bad thing. It means the laws of supply and demand are at work. It makes housing more affordable, especially for first-time buyers. It may even result in a drop in property taxes, giving homeowners a much-needed tax break.

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With the housing crisis in full bloom, sometimes it's good to take comfort in ways builders and architects are defying the odds -- such as taking a 1930s Los Angeles theater district art-deco high rise building and turning it into loft condominiums.

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British first-time buyers are increasingly looking to overseas property for their first home, according to trade magazine BuyAssociation. With prices rising in the UK market, property has become an unrealistic aspiration for some younger buyers, and this, coupled to falling affordability, has created an interest in buying abroad.

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