The FDIC on Wednesday has indicated there are 702 banks on the FDIC trouble list which is in danger of defaulting. This is the highest level in 16 years. Last year 140 banks failed in the US, with another 20 this year. The FDIC Chairwoman, Shella Bair says this pace …
With the onset of an election, the government has seized at data from the Australian Bureau of Statistics showing Australia’s unemployment rate is trending down from 5.5 percent in December to 5.3 percent in January. But while more Australian’s are in work, is the result really as rosy as the …
Demand for mortgages has dropped for the third consecutive month in December, with approvals falling a seasonally adjusted 5.5 per cent according to official ABS data. This follows falls in November of 6.1 per cent and October of 2.85 per cent and brings the quarter fall to 13.74 per cent. …
Large falls in mortgage applications is surfacing among mortgage brokers suggesting not all is well in the housing market. The Loan Market Group has indicated home loan approvals have fallen 40 per cent from its peak in 2009. LMG has recorded its slowest month since January 2006. But falls of …
Data from the Australian Bureau of Statistics (ABS) show the prices for houses in Australia has surged in the December quarter. The weighted average for the eight capital cities increased 5.2% for the quarter, bringing the annual gain to 13.6%, once again outstripping wage growth and inflation. » 6416.0 – …
Only a month after the end of the government’s First Home Owners Boost, and cracks are appearing with both borrowers and lenders caught up in the frenzy. The Sunday Telegraph today reports that almost half of the 135,000 first home buyers coax into the First Home Buyers Boost are struggling …
Sales of existing homes in the United States fell 16.7 per cent in the month of December, the biggest monthly drop in 40 years. American First Home Buyers were eligible for a Tax Credit of up to $8,000 which was due to expire on the 30th November 2009, however Congress …
The rental crisis has ended with property developers flooding the market with apartments they have been unable to sell and renters finding cheaper accommodation with the knowledge times are hard and they are worried about their jobs. The number of vacant properties in Melbourne, Sydney and Brisbane has returned close …
In what has been a shock to brokers, Westpac has written to mortgage brokers informing them RAMS branded products will no longer be distributed to third parties, and only marketed to its 92 franchised stores. The Herald Sun writes “WESTPAC’S funding problems have forced it to shut down a key …
The Commonwealth Bank of Australia’s Wealth Management Provider, Colonial First State has been forced to freeze withdrawals from a $850 million mortgage income fund after an increase in bad debts. Colonial has $2.6 billion in funds invested in mortgages. » Colonial Freezes A$850 Million Mortgage Fund, Herald Says – Bloomberg, …
Today’s ABS figures show a shock plunge in the number of loans taken out by owner-occupiers in November. Loans to owner-occupiers fell 5.6%. While the average economist only forecasted a drop of 2.3%, it should have been expected the winding back of the First Home Buyers Boost would have had …
Yesterday the Australian Prudential Regulation Authority (APRA) released a discussion paper detailing the proposed Financial Claims Scheme (FCS). The paper details procedures ensuring when an Australian Deposit taking Institution (ADI) goes insolvent, there is adequate information to enable depositors to be paid promptly. This includes how end of day balances …
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 …
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