I have kept hearing these numbers, but not from the mainstream press....aka the Lamestream press
but from bankers, who have a vested interest, but their interest should see saw between ramping up the numbers, as that is where the bulk of their income is received, or downplaying the numbers to show they do not have default numbers...
or from quasi government authorities who have no vested interests in ramping the numbers either way
I was reminded today about a banking regulator's view about dropping interest rates...he stated they also need to look after their depositors, due to the fact that only 30% of the population actually have a mortgage
so all that noise over the past 7 years about massive falls predicted for the housing market, would be due to all those people losing their jobs, and being forced to sell the home as they could not afford the mortgage.... has been blown to smithereens...
if only 35% have a mortgage, and 35% do not, (their house is paid outright)...where is the stress going to come from ?
and of those with a mortgage, some have very low mortgages of under $100k, or well under $200k, which when compared to renting is not a substantial difference in cost
here is an ABS report with similar figures stated above, conducted for the 2009/2010 year
