Friday, September 30, 2011

Australian Mortgage Delinquencies Continue to Rise

NAB expects house prices to fall for next year
This is a real bear headline given the expected fall is all of 1% over 12 months. I'll give up shrimps on the barbie for a year if that comes to pass.

Moody's Investor Services, meanwhile, reports that the ability of homeowners to pay their mortgage has "materially deteriorated" in the past year.

According to Moody's, the boom states of WA and Queensland had the largest number of people falling behind on mortgage payments. Times were tough on Queensland's Gold Coast and Sunshine Coast, where mortgage delinquencies were 3.1 per cent and 2.88 per cent.

In northwest Sydney suburbs such as Oakhurst, Glendenning and Plumpton, 5.2 per cent of borrowers are 30 days or more behind in mortgage repayments.

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