China's Housing Boom Fizzles
"Once one of the hottest markets in the world, sales of homes have virtually halted in some areas of Shanghai, prompting developers to slash prices and real estate brokerages to shutter thousands of offices.
For the first time, homeowners here are learning what it means to have an upside-down mortgage -- when the value of a home falls below the amount of debt on the property. Recent buyers are suing to get their money back. Banks are fretting about a wave of default loans."