WE are in the midst of the worst financial crisis since 1998. The American housing market is in its direst state – sales and prices are down, foreclosures and defaults are up – since they started keeping statistical records 50 years ago. The fear of a recession is so large …
» Pending home sales down 6.5% in August: report – Market Watch, 2nd October 2007.
At least people with short memories remember the saying as this. Ladies & Gentlemen, step right up, don’t fear higher interest rates, the impending credit crunch, recession, or the fact you simply can’t afford it. Buy today, worth more tomorrow! Can we have a starting bid? Bricks & mortar, safe …
Not only are households feeling the stress of exorbitant house prices and the resulting credit crunch. Have a thought for the Sheriff Officers who have to evict defaulting home owners, and worse still many renters who have always paid their rent on time, but the only thing they have done …
» New-home sales plunge 8.3% to seven-year low – Market Watch, 27th September 2007.
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 …
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, …
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 …
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 …
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 £2.5 billion of 8% of deposits have been withdrawn on Friday as customers queue en mass.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.
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 …
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 …
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.
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% …
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 …
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
The consumer confidence index fell to 105.0 in August from a revised 111.9 in July, which was a cyclical high, the private economic research group said. » Confidence falls sharply in August – Drop biggest since Sept. ’05 – Market Watch, August 28th 2007
Last night, the Case-Shiller index showed US house prices fell at a faster rate in the 2nd quarter. It marks the largest decline in house prices year on year in the 20 year history of the index. » Home prices fall record 3.2% nationally – Market Watch, 28th Aug 2007.
With fears of a credit crunch coming to haunt the economy, the Australian All Ords fell 311 points or 5.4% during trade yesterday, only to make a good recovery in the afternoon. With records for the biggest fall since Sept 11th broken several times in the past month, yesterdays fall …
These days it seems everyday is another big fall caused by sub prime worries and the impending credit crunch. The Australian All Ordinaries Index fell another 2.75% or 181 points today to 5,801, lead by big falls in the US markets overnight. The Dow Jones fell 207.6 points to 13,028 …
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