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
After hearing Real Estate agents and Property Investors for years say, House prices only go up – the opposite has happened : Rising interest rates have had a significant impact on Melbourne’s property prices in the past three months. The median house price dropped 8.4 per cent – the biggest …
INFLATION has leapt to a 16-year high and is accelerating towards 5 per cent, raising the chance of further interest rate increases. The Reserve Bank of Australia was braced for a bad inflation figure, but the 4.2 per cent jump in the headline figure for the year to March surpassed …
ROBERT Shiller, the Yale University economics professor who accurately predicted the top of the internet boom, said today there is a good chance that residential property prices will fall further than those sustained during the Great Depression, when home values fell by 30 per cent. » US home-price fall may …
NOT only is mortgage stress on the rise, but up to one in five stressed households will lose their homes, according to analysis of mortgage stress data. As well, borrowers who refinance are more than twice as likely to ultimately lose their houses. The findings are contained in Anatomy Of …
FOR more than 50 years the average Australian was able to buy their first home on the average wage. Traditionally, the median house price was about three times the median household income. Today, in Adelaide, Melbourne and Brisbane, the median house price is more than six times the median income; …
An Auckland couple lost 83 per cent of their investment when they sold a property in one of the city’s best urban precincts. As the gloss goes off the Auckland housing market, the Mt Albert pair, who paid $349,000 three years ago for a Beaumont Quarter apartment, have sold it …
In October 2006, we reported US house prices were plunging at the fastest rate in 36 years. Now it’s the UK’s turn. House prices are falling at their fastest rate since records began 30 years ago as the mortgage lending freeze continues to undermine the housing market, the Royal Institution …
NOW THAT the season of finger-pointing over the home-loan crisis is in full swing, it’s a good time to take a look at how “house lust”, as author Daniel McGinn calls it, affected the property market. . . . Home equity fell to about 48 per cent of total household …
Page 6 of Today’s Australian Financial Report states : House prices in Perth has suffered their biggest quarterly fall in almost a decade, in what analysis say could be a sign of things to come in other cities as rising interest rates and the falling stock market take their toll. …
If a picture is worth a thousand words, today’s graph would suggest I don’t have to write a column this week. The graph was put together by the Reserve Bank’s head of economic analysis, Anthony Richards, and tracks the movement in house prices over the past 35 years compared with …
Confidence among US consumers fell to a 26-year low after employers fired workers and petrol prices surged, threatening the spending that accounts for more than two-thirds of the economy. The Reuters/University of Michigan preliminary index of consumer sentiment decreased to 63.2 this month, the weakest level since 1982, when the …
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