Figures from the Reserve Bank of Australia today show annual credit growth has slowed to a 17 year low in November. Credit growth for the 12 months to November 2009 was just 0.8%. Business credit contributed the most to the fall, falling 8.2% in the past year. While many business …
Australians are trying to starve off recession by spending, something which can only end in disaster as the debt continues to pile up. Figures from the Reserve Bank of Australia show Australians now have more household debt than the countries’ GDP. Personal Debt is now 100.4 per cent of Australia’s …
The U.S. government has removed the US $400 billion dollar cap and extended support to 2012 for Fannie Mae and Freddie Mac in preparation for the second wave. Fannie Mae and Freddie Mac together guarantee almost half of all mortgages in the USA. The timing of the announcement, done during …
A Bankwest/Mortgage and Finance Association of Australia (MFAA) research report found that 43.8 per cent of potential first home buyers are saving money in case the economy deteriorates. 47.9 per cent are now looking at purchasing cheaper properties that originally planned. The new report comes as welcome relief after a …
The Herald Sun today has reported large discrepancies between the average house price released by the Real Estate Institute of Victoria (REVI) and official data from the Valuer General. In some cases, the REIV prices are inflated by up to 18%. In comparing the two figures for every quarter, it …
Over night, the Federal Deposit Insurance Corporation (FDIC) shut down a further 7 United State banks bringing the total this year to 140. This number of failures is the most since 1992 during the grips of the savings and loans crisis. Most of the banks have become a victim of …
In an Adelaide Advertiser article yesterday, Assured Homes Loans sales and marketing director Fred Rasheed was quoted saying “first-home buyers would experience “catastrophe” in the next 18 months.” “A lot of people have got into the market and not even considered what will happen when rates go up 1 or …
With many Australian’s relying on wage growth to fund housing expenses growing at an even faster pace, the future is not looking rosy for many businesses. The Australian Corporate Health Index today shows more than 70 per cent of 200 listed companies outside of the financial services sector went backwards …
The Sydney Morning Herald reports a forecoming $14 billion decline in mortgages written over the next 12 months as the first home buyer frenzy gets watered down. The value of mortgages written fell $3 billion or 6 per cent in the September quarter as the full value of the boost …
In what could be seen as a splitting image of Australia, young Chinese is struggling to get into a housing market fueled by speculation. The AFP reports “The boom has been bolstered by easy bank loans, tax breaks and a lower down payment threshold, introduced by the government in the …
While much of the world is coming to terms with falling housing prices brought on by crippling debt and the inability to service it, Australia’s size of new mortgages has hit a new record. Fueled by emergency low interest rates, the average home loan brokered in November was $367,000 up …
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