United States Economy
New-home sales plunge 8.3% to seven-year low; Median sales price down 7.5% in past year, biggest drop in 37 year
» New-home sales plunge 8.3% to seven-year low – Market Watch, 27th September 2007.
Month: September 2007
Australian Economy
Aussie debt at historic levels
The world economy is booming, but it is nothing compared to the growth in credit when looking to the big debtor nations today. Australians are in debt to levels never before seen in the history of credit, with the only two periods that come close – the 1880s and 1920s …
Australian Economy
Aussie debt at historic levels
Australians are in debt to levels never before seen in the history of credit, with the only two periods that come close – the 1880s and 1920s – followed by major depressions. » Aussie debt at historic levels – The ABC, 25th September 2007. » Household debt likely to rise, …
Australian Housing
Tentants left homeless as more landlords default on their loans
The impending mortgage crisis is affecting not only property owners with a mortgage. Tenants who have never missed a rental payment and who keep their homes in tip top shape are being given kicked out, in some cases with a little as a few hours notice. TENANTS are being forced …
Australian Economy
Mortgage Meltdown
The ABC’s Four Corners has just aired an hour report on the sub prime mortgage disaster. The transcript can be found here. It features an interview with Robert Shiller. You can watch the extended interviews and read other resources here : » Four Corners Mortgage Meltdown Extended Interviews & Further …
United Kingdom Economy
Northern Rock, the Lastest Victim.
Customers of the latest sub prime victim is with drawing £9,600 a second in fears the bank may collapse. £2.5 billion of 8% of deposits have been withdrawn on Friday as customers queue en mass. » Panic grips Northern Rock savers for second day – The ABC, 15th September 2007.
Australian Economy
Loan defaults up almost 30%
Loan defaults rose by almost 30 per cent in the last financial year with failures to pay the bills on time up in every Australian state and territory, figures from the nation’s biggest credit check firm have revealed. And economists say consumers who haven’t experienced a recession are upping their …
Australian Housing
Housing starts fall in ‘dismal’ NSW market
Housing starts for Australian dwellings fell 4% in the June quarter. This was significantly greater than what most economists were expecting with a consensus of 0.5%. However NSW recorded much worse results. For the June quarter, Housing starts in NSW was down 20%, reaching the lowest starts since the early …
Australian Housing
Australian housing finance plunges
Housing finance commitments for owner-occupied housing fell 4.1% in July. Total housing finance fell 7.4% in the same time. Economists had only expected a two per cent fall for housing finance commitments for owner occupiers. » Australian housing finance plunges – Sydney Morning Herald, September 6th 2007.
United States Economy
July pending home sales index falls 12.2%
The U.S. housing market showed signs of major disruption in July, with a 12.2% monthly decline in contract signings on existing homes — the largest drop since the pending homes sales index started in 2001, the National Association of Realtors reported Wednesday. » July pending home sales index falls 12.2% …
United States Economy
Can the Mortgage Crisis Swallow a Town?
Last year, there were 1.2 million foreclosure filings in the United States, up 42 percent from 2005, according to RealtyTrac, a firm that analyzes such data. At current rates so far this year, RealtyTrac expects foreclosure filings to hit two million in 2007, or roughly one per 62 American households …
Australian Economy
Subprime crisis to ‘hit world economy’
Global economic growth will take a hit as a result of the US subprime mortgage crisis, says the chief executive of Deutsche Bank, Germany’s biggest bank. » Subprime crisis to ‘hit world economy’ – The Age, September 2007