THE Federal Reserve Chairman, Ben Bernanke, was wrong.So were the US Treasury Secretary, Henry Paulson, and the chief executive officer of Merrill Lynch & Co, Stanley O’Neal. The subprime mortgage industry’s problems were contained, they all said. It turns out that the turmoil was contagious. » All the experts were …
The Australian Stock Market took the lead from Global Markets and with the S&P200 plunging 3.7%, the biggest one day fall since 7/11. “Cash is king at present, with the market continuing to respond very directly to offshore volatility as the fall-out from sub-prime credit crisis spreads,” MFS chief executive …
In the lead up to the last federal election, one of Prime Minister Howard’s slogans was Keeping Interest Rates low. Since then rates have risen 5 times. Today the RBA increased interest rates 0.25 per cent to 6.50. But does Interest Rates really matter, or is the actual size of …
What will come as no surprise to many, the Urban Development Institute of Australia says a report it just released shows housing affordability has worsened dramatically in recent years. It charts the affordability in 70 centers in Australia. In 2001, 96 percent of those centres were considered affordable, today it …
» Home sales slump in June – The Australian, 30th July 2007.
WHO’D have guessed it? Housing is the reason global stockmarkets are suddenly looking sickly, housing is the curse of the credit system, and it just might be the key to this year’s federal election. » Australia’s real crunch in housing yet to come – The Age, 29th July 2009
» Middle earners ‘squeezed’ as house prices jump – ABC News, 28th July 2007.
Subprime housing worries caused the ASX all ords to fall 2.85% yesterday or 174.5 points to 6127. » Sub-prime crisis may trigger global meltdown – The Australian, July 28th 2007 » US mortgage debris has not fully hit Australia – The Australian, July 28th 2007 » Subprime could create global …
Last night it was reported new home sales in the USA fell 6.6% to 834,000, the lowest record since 2002. Compared year on year to June 2006, sales are down 22.3%. The sales price of new homes is down 2.2% year on year compared with June 2006. Meanwhile Inventories of …
» US subprime mortgage crisis hits Aust funds – The ABC, Jul 26th 2007.
Sales of existing US homes are down 3.8% in June, the lowest rate in five years. Annually, sales of single family homes have fallen 30%, the sharpest decline in 28 years. » Existing-home sales fall to 5-year low – Market Watch, July 2007.
The HIA has called on the Federal and State governments to set up a rental assistance fund. It predicts the number of Australians under rental stress will soar in the next three years to 750,000. Rental stress is defined as handing over more than 30 percent of their income to …
SAN FRANCISCO (MarketWatch) — Basis Capital, a firm with more than $2 billion in assets that was named Australian hedge fund of the year in 2006, has become the latest to be hit by turmoil in the subprime mortgage market. » Basis fund misses margin calls, research firm says; Well-regarded …
» Housing market hasn’t bottomed yet – Market Watch, 17th June 2007.
» Home builders’ confidence plunges again in July – Market Watch, 17th Jul 2007.
» Home borrowers ‘may need 20% deposit’ – The Australian, 18th July 2007.
» Real Estate: Awaiting The Foreclosure Time Bomb – CNBC, 13th July 2007.
The Sunday Telegraph has printed an article today suggesting Sydney property is now priced out of reach of 75% of families. With the medium house price in Sydney now $521,100, they indicate when a 10% deposit has been put down, you need an annual household income of $145,412. From recent …
Don’t worry about peak oil, now a new house price surge is predicted which in the words of property analyst, Michael McNamara, will bring “Peak Debt”, when mortgage repayments outstrip disposable income. Australian Property Monitors predicts that in the next decade many in the mortgage belt of “average Australia” will …
The ABS released figures on Friday showing Australians in May had $1.001 trillion in debt. This is up from $886 billion in May last year. Prime Minister John Howard is not concerned. He said, “I don’t think there is any particular magic in a particular figure, but when you talk …
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