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Dubai's First Foreclosure Opens Floodgates in World's Worst Housing Market

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"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," according to Bloomberg."Barclays Plc won the sheikdom’s first foreclosure cases in court, clearing the way for lenders holding about $16 billion of Dubai home loans to take action when borrowers don’t pay."
SOURCE:   Bloomberg

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