The US National Bureau of Economic Research has released data confirming the USA is in recession. The peak of the cycle was a year ago in December 2007 and the US economy has been crumbling ever since. Confirmation the US is in recession saw the Dow Jones shed almost 7% …
While the Australian Government spends millions of dollars in grants trying to keep the housing bubble afloat, the UK Government is pioneering a much cheaper alternative to keep confidence strong within their falling housing markets. It has been found the UK Government has not been including repossessions in their official …
THE once booming Perth property market has recorded its third consecutive quarterly fall in the median house price – a phenomenon not seen in 25 years – as talk of a recession eats into consumer confidence. Real Estate Institute of Western Australia president Rob Druitt said the Perth market was …
Today seemed like just another “normal” day on the market. The All Ords fell 150.6 points to close the day down at 3332.6. However the significance of today’s close is that the market is now down 51.4% from its peak of 6853.6 points recorded just a little more than a …
The New’s reports today that the CBA has banned no-deposit loan, while the ANZ has moved to tighten eligibility requirements. JP Morgan banking analyst Brian Johnson says “The era of getting very easy credit to buy a house is over”. John Symonds of Aussie Home Loans said the change signals …
Australia’s house prices will soften but should not crash because of the world economic crisis, Reserve Bank governor Glenn Stevens says. Answering a question from the floor at a business dinner in Melbourne, Mr Stevens said the ratio between house prices and household income was historically “very high”, partly because …
With falling Interest rates and the increased first home buyers grants, many real estate experts are saying it is never a better time to buy. Actually, when you come to think of it – when isn’t it the right time to buy? My stock broker will give buy and SELL …
SYDNEY could lose 87,000 jobs if a massive drop in building approvals recorded in the September quarter was sustained over a full year, developer lobby group Urban Taskforce said. Chief executive Aaron Gadiel said an analysis of the figures showed the impact on jobs would be “startling”. » Massive job …
The Gold Coast Bulletin reports the sale of high rise units have slowed significantly with many owners pulling out of contracts prior to settlement. Since May there has only been one high rise building released. Like other states, many new developments are being put on hold putting many jobs at …
The Australian reported today : THOUSANDS of Melbourne construction jobs are on the line, with major building projects in and around the CBD under severe threat. Unions are bracing themselves for steep job losses, estimated by some to be as high as 10,000, as major commercial project and high-rise apartment …
China has received more evidence that its economic growth is slowing drastically. The growth in China’s industrial output slowed to 8.2 per cent in October, compared to 11.4 per cent a month earlier. » China facing rapid economic slowdown – Yahoo 7 Finance, 13th November 2008.
On the 14th of last month we reported that the Australian Government announced increased grants to encourage people to take on more excessive debt. The Federal Government increased the FHOG to $14,000 for first home owner buying established dwellings and to $21,000 for first home owners that were building. The …
TREASURER Kevin Foley is cutting short his overseas fact-finding mission on the global financial crisis as he warns South Australians to prepare for “heartache”. Speaking to The Advertiser after arriving in London from the U.S. yesterday, Mr Foley says he is “terrified” after five days of meetings with banks, fund …
THE collapse of Allco Finance Group into receivership is in danger of creating a domino effect among its listed real estate and investment offshoots, after a flurry of statements yesterday warned of likely defaults on their debt repayment deals. Allco’s demise has already taken with it the group’s subsidiary which …
ABC Learning : Safe as houses. After delaying the release of its annual results for the third time, ABC learning centers was yesterday placed in the hands of voluntary administrator, Ferrier Hodgson. The company has 1,200 child care centers in Australia and New Zealand, and another 1000 in the United …
First, Tao Shoulong burned his company’s financial books. He then sold his private golf club memberships and disposed of his Mercedes S-600 sedan. And then he was gone. And just like that, China’s biggest textile dye operation — with four factories, a campus the size of 31 football fields, 4,000 …
In a sign that the state of the economy is far worse than initially expected, the RBA has once again surprised the market with a 75 basis point cut to official interest rates. Market consensus today was for a cut of only 50 basis points. This follows the RBA’s surprise …
National Australia Bank economists predicted growth would drop to 1.25 per cent by the middle of next year, with an interest rate cut to 4.5 per cent and unemployment at about 6 per cent by the end of the year, meaning the loss of 200,000 jobs, Fairfax newspapers report today. …
The weekend emergency briefing about the actual state of the economy must have come as quite a shock to Prime Minister Kevin Rudd and the Government. Just as big was the shock to see both the Government and Opposition united in what ever decisive action was needed to safe guard …
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