At least some people are benefiting from the pain being felt by American homeowners. Word on Wall Street is that the head of one trading desk, after making a lucrative bet against securities backed by mortgages to people with bad credit histories, has had T-shirts made up that cheerfully proclaim: “I’m short your house”.

Few share this glee. Difficulties for the US housing market have been evident for at least a year and data this week showed the overhang of unsold existing homes at its highest level since 1992, at the end of the nation’s last housing recession.