A big hello to all the housing sprukers, I know your there.
Here is an interesting article, make of it what you will.
Bubble watch: mortgage delinquencies and investor losses on the rise
Each new report relating to Australia’s housing market indicates the inevitable, near-term collapse of the property bubble, and the banks that are intertwined in it. The government and banks must treat these reports like gasping canaries in a mine, and act to get the Australian economy out of danger, starting with a Glass-Steagall separation of banking from speculation.
Mortgage insurer Genworth Mortgage Insurance Australia, which has about 30 per cent of the mortgage insurance market, has revealed in its latest half-year results a distinct rise in mortgage delinquencies—borrowers falling behind or defaulting on their payments. Genworth pays out to the banks when borrowers are delinquent on mortgages it insures.
