Citigroup use the same fag packet as I do

Under another misleading headline "Credit crunch leaves thousands facing negative equity", The Telegraph write:

A leading City bank has warned that a quarter of a million homeowners have slipped into negative equity since the start of 2008 and more than a million could suffer the same fate by the end of next year...Michael Saunders, head economist at Citigroup ... has warned that house prices could fall by 15 per cent or more by the end of 2009, taking the number of households in negative equity over the million mark, but now says the drop could be even greater.

So he's working on the basis of 70,000 going into Nequity^TM for every one per cent fall in prices, rather than my estimate of 120,000, but we're not far off.