AUSTRALIA lost almost 90,000 full-time jobs in the June quarter – a worrying sign for families struggling to pay bills, according to pollster Gary Morgan. » Full-time jobs shrink by 90,000 – The Australian, 8th July 2008.
AUSTRALIA’S residential property prices are among the highest in the world. But most of us still think that prices can’t fall. It’s time to put that fallacy to the knife, according to Intelligent Investor research director Greg Hoffman. “The US property market meltdown should dispel this myth immediately,” Hoffman says. …
STRESSED home owners and investors are flooding the market with thousands of houses but agents say they can’t find any serious buyers for some properties. As home mortgage lending in Queensland dives for the second consecutive quarter, the number of houses for sale is up 150 per cent compared with …
This week on Inside Business, Alan Kohler interviewed Jonathan Plain, Chief Investment Strategist at HFA Asset Management on Unsustainable Lending Practices. Jonathan mentioned many of the facts we have raised here. “In actual fact, our house prices have risen more than they have done in Britain and the United States …
ANOTHER 72,000 households joined the ranks of the mortgage-stressed last month as family wealth plummeted over the three months to March — the largest quarterly decline on record. The number of households struggling to meet mortgage repayments jumped 15% to 784,000 in May and is likely to reach 923,000 by …
The Sydney Morning Herald today has run an balanced article on the Housing Bubble and the level of household debt. It gets the views of several experts including Morgan Stanley’s Gerard Minack, the University of Western Sydney’s Associate Professor Steve Keen and Michael McNamara, general manager of APM. People aren’t …
Australia’s banks have been bundling mortgages into securitised packages to access emergency funding from the Reserve Bank, if they were ever to strike cash troubles.The RBA’s assistant governor of financial markets, Guy Debelle, has revealed eight Australian banks had taken the advice of the central bank and APRA, the prudential …
IT COULD be a warning sign, or maybe just a blip. Property sales are flashing a signal that the fall in Sydney house prices will not be limited to the city’s west.An analysis of 2008 sales reveals that the great Sydney equation – take property, mix with water views, and …
NEW YORK (MarketWatch) — U.S. stocks fell sharply Thursday with the blue-chip index enduring its worst June so far since 1930, and plunging to its lowest finish since Sept. 11, 2006, after getting slammed hard as crude soared to new highs and Goldman Sachs disparaged U.S. brokers and advised selling …
Revealed: the biggest new homes crash in 70 years – The Evening Standard – 25th June 2008
US house prices dropped 22.8 per cent over the last three months as American consumer confidence slumped. Wall Street economists described the statistics as “incredibly awful” and indicated that the likelihood of the US Federal Reserve raising interest rates tomorrow was very remote. However, the housing recession – which shows …
Once seen as a sure-fire way of making a small fortune, newly-built flats have become the worst victims of the housing market meltdown.Prices of new-builds in city centres have collapsed, with many sold at auction for a fraction of their value only two years ago. In one case, a three-bedroom …
CHICAGO (MarketWatch) — The housing slump, already shaping up to be the worst in a generation, still hasn’t run its full course, according to Harvard University’s annual report on housing, released on Monday.And if job losses accelerate in coming months, it could take even longer for local markets to regain …
TWELVE of the 20 areas with the highest mortgage delinquencies in Australia are located in NSW, according to credit rating agency Moody’s Investors Service.”I expect the short-term default rate to continue to rise, driven by the cost of living, such as higher petrol prices and so on,” Moody’s senior analyst …
The slide in house prices will continue for at least three years and crush the value of a home by almost 50% in real terms, according to a key index of property price futures. Indications from futures trading on long term property prices shows that the average UK home will …
AUSTRALIA’S housing market took its biggest quarterly dive in five years in the first three months of this year, according to the latest survey figures. » Record slump in house prices – news.com.au, 7th June 2008
SYDNEY’S rental crisis might not be nearly as bad as the real estate industry would have you believe, new figures show. The Real Estate Institute of NSW, which last year predicted a rental squeeze so bad rents would rise by 20 per cent, says Sydney’s current rental vacancy rate is …
MORE and more western Sydney families are falling behind on their mortgages each week. While most borrowers across the city are meeting increasing repayments and not falling into a serious financial scrape, new figures show the number of borrowers in the west falling behind on their mortgage bills has jumped …
LONDON (Reuters) – House prices fell a record 2.5 percent in May, the Nationwide Building Society says, raising fears the property market downturn could soon turn into a crash that hits the whole economy. The monthly decline, the largest since the lender started compiling records in 1991, wiped 5,000 pounds …
NEW YORK (AP) — U.S. home prices dropped at the sharpest rate in two decades during the first quarter, a closely watched index showed Tuesday. It’s a somber indication that the housing slump continues to deepen. Standard & Poor’s/Case-Shiller said its national home price index fell 14.1% in the first …
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