a great quote/observation by Guy Rundle reporting for Crikey in the US on the issue of the instos targeting mortgages:
"The value of real estate is dependent on occupancy levels -- once those start to go backward, housing values can fall off a cliff. In the US, multiple occupancy -- moving in with your parents or your kids, or sharing, or sleeping in your cousin's living room, has risen by 45% in the last three years. The latest estimate is that by the end of next year 40-50% of mortgagees will be paying more out than the house is worth, and there seems no likelihood that Australia will be much different."
marc faber from 'doom gloom boom' also agrees
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