You still miss the point Duck sry. It's not a cause, its a symptom.
You have made it out to be a cause "for years", and a significant one, but as I said, I am glad you are learning.
As Sydney and Melbourne have proved, you can still get 15 % correction without hardly a move in arrears, but of course you will get some in a tightening credit market as well as investors being converted to P&I - doh!
I think you were getting carried away with arrears in regional and mining towns affecting Australia wide figures.
