forward indicator predicts house price crash

RBA Financial Aggregates released today show growth in housing finance continues to fall. Cuts in interest rates are taking no effect.

Growth is now at 5.1 percent, the worst figure since records exists.

Mortgage growth is considered a leading indicator as most people need to borrow to purchase a home.

Scary Graphs :
http://www.macrobusiness.com.au/wp-content/uploads/2012/06/ScreenHunter_03-Jun.-29-11.54.gif