Housing problems hit retailers

US chain stores may suffer as mortgage woes affect spending power, writes Heather Burke.

31st March, 2007

US chain stores may suffer as mortgage woes affect spending power, writes Heather Burke.

Al Ynigues bought his first house in 2004.Since October 2006, hi s monthly mortgage payment has climbed 16 per cent to $2,417.It will rise again tomorrow.

Ynigues, who is 65, makes $2,800 a month as a self-employed music teacher. He says he eats once a day, has stopped paying his utility bills, and is late on payments for his home in Apple Valley,...

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