will rents fall, page-23

Alan,

it doesnt matter than the AU banks didnt have lax lending practices. and in reality the US ones are not a issue either, the shame on the US banks was on sucking in prime lenders into the subprime market.. that is why is was shamed so much, not because it was foolish lending. only a small fraction of that 3% folded, and you can still sell the house.. what was it? $1 trillion in bad loans, then what is it worth after you sell the props, even if you sold it for half.. thats just a $500mil loss it still is a tiny number globally against profit margins.

Housing is not about the banks.. !!!