Record home loan defaults as West Australians succumb to housing stress
BY: PAIGE TAYLOR From: The Australian July 11, 2012 12:00AM
MORE West Australians than ever are defaulting on their home loans, according to figures published yesterday by the Supreme Court of WA.
There were a record 1500 applications for civil property repossessions in the state in 2011-12. The figure is 10.5 per cent higher than the previous high of 1342 applications during the global financial crisis in 2008-09.
House prices have also fallen - the median Perth house price has dropped from $505,000 in March 2010 to $469,000 in March this year, leaving some homeowners with mortgages bigger than the value of their homes.
