I live In emerald QLD there are 5 house repossessions a week here during the boom these homes sold for 6-700k now are worth just 2-300k depending on the day the job situation has gotten worse and many roles moving from high paying permenat to significantly lower im talking up wards of 35-40% lower wages p/a with these people suffering it is now wonder people are walking away from their mortgages this is just town of many hundred that expierncing the brunt of the mining down turn.
How many sub prime loans can an economy sustain before collapse.
This story you won't see in the news it's the ugly side of housing investment. I have witnessed many many lives put on hold while kids as young mid 20s declare bankruptcy
Their will be a boom in Australia alright
A default boom!
Bank Shares, page-11
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