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. …
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 …
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 …
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
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 …
HOUSE prices in some parts of Sydney have almost halved as battling borrowers struggle to keep up with increasing interest rates. The falls – in Sydney’s west, the Hills district, and Sutherland Shire – are far steeper than previously thought, and show the devastating effects of the RBA’s rate-hiking spree. …
Now that the Bubble has popped, the Head of Real Estate Institute of Victoria is calling for incentives to help make the bubble even bigger. PROPERTY markets around Australia continued to struggle over the weekend, with auction clearance rates now below 50 per cent in the key markets of Sydney …
HOUSE prices in some parts of Sydney have almost halved as battling borrowers struggle to keep up with increasing interest rates. “It is clear that some people just paid the wrong price for a property and that happens a lot,” Mr Edwards said. “In every suburb in Sydney, there will …
THE economy is headed for a dramatic slowdown that will drive up the unemployment rate as high interest rates sap consumer confidence. Yesterday’s stark warning from the Reserve Bank appears to be backed by Treasury, with Wayne Swan confirming that Tuesday’s budget would forecast a lift in the unemployment rate. …
RAPID rent rises across Melbourne have renewed fears about housing affordability. Office of Housing figures show the metropolitan rental index shot up by 12.5% in 2007. » Homes out of reach after 12.5% rent spike – The Age, 10th May 2008
AUSTRALIAN house prices look vulnerable over the next year as rising interest rates and record levels of mortgage stress take their toll, The Australian reported today. House prices in the US are off by 15 per cent from their highs, while Britain, Europe and New Zealand are also experiencing price …
THE Reserve Bank has warned it will raise interest rates again if the economy does not slow as it expects, but has tipped unemployment will rise. » RBA warns of rise in unemployment – The Australian, 9th May 2008. » Reserve Bank keeps finger on rates trigger – ABC News, …
MANY families are spending more than half their gross household income on paying debts, credit gatherer Veda Advantage says. It found 1.3 million of us spent more than half of the gross household income on paying debts, while 1.8 million spent more than 40 per cent on debt repayments. » …
HOMEOWNERS making a final desperate grab to save their homes from repossession are raiding their superannuation at an alarming rate, new figures show. More than $175 million was released from super funds last year to help homeowners pay their mortgages. » Stressed homeowners raiding super – news.com, 8th May 2008
A VETERAN US central bank official aid today he¿s worried about a deteriorating inflationary environment, and suggested that when the Federal Reserve begins to raise rates, it could do so swiftly. Federal Reserve Bank of Kansas City president Thomas Hoenig said rising inflationary pressures are “troublesome” and a “serious” matter, …
INFLATION is rising at its fastest rate on record as petrol prices reach fresh heights, a leading private sector indicator shows. Economists say an interest rate cut by Christmas is now looking less likely, as price pressures persist. » Inflation rises at record pace – news.com, 5th May 2008
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