Although as now the data was too general and disguised the depth of it in some areas of Melbourne property dropped 60% in price, banks, if they had a good home owner they did not foreclose because they could not sell the property.
Owners of commercial property ceased charging rent to keep a tenant.
The banks wrote off the debt.
Interest rates (the big 4 Banks) for home loans went as high as 19%
One thing is always certain, if it happened before it can happen again
