property bubble to burst
the rot has set in. i dumped the last of my investment properties two months ago. blind freddy could've seen the downturn coming as interest rates are being raised.
but whenever u got sensationalist tv programs pumping the virtues of owning 130 houses bla bla bla, then the self-professed property market gurus who pump their CD's and what not. Plus, throw in the availability of easy money with any 'corner store' finance broker giving away money to any peasant with the ability to sign an application then you've got the making of a inflating balloon reminiscent of the heady dot com days.
What else would u expect but a massive property bubble IMHO.And if you think property always goes up then think again. Go check out the Hong Kong and Tokyo experiences. The frightening thing is those two cities is that property is scarcer than in our country. And if you think it cant happen in Aussie then go check the bust in Melbourne around 1900.
Those banks heavily vested in residential mortgages will suffer the indignity of 1,000 cuts for their defaulting loan portfolios IMHO.
