Have copied this excerpt from today's MM. We all know credit growth has ground to a halt and a decline is almost certain.... but news that banks are seizing homes from stressed owners has been kept under tight wraps. Expect this trend to continue imo. Bank profits have been strong over past 12 months but I believe banks are a risky stk to own in current climate.
"What the RBA may not have noticed is the following information anonymously sent to your editor:
?One unnoticed factor has been the huge increase in mortgagees taking possession.
?We are processing, on average, 20 new bank applications PER DAY!
?Hundreds are losing their houses per week, just through this one firm, and yet it has gone unnoticed, it seems.?
Annualise that and twenty repossessions per day works out at 5,000 per year? at just one firm.
That fits in with the report from ratings agency Fitch. It says mortgage arrears unexpectedly increased during the last quarter of 2010."
mortgagee possessions skyrocket
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