By: puyi
11/06/2009
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House repossessions at record high
By Tanya Chilcott and Melanie Christiansen | June 10, 2009
Herald Sun
MORE Queensland families than ever are losing their homes and businesses to the banks, after a record number of repossession claims in April.
As the global economic crisis forces up the jobless rate, new figures from the Justice Department show lenders lodged 176 claims to repossess homes or businesses in the state's courts during April.
A Justice spokesman has confirmed it is the highest monthly total since records began, about 1992, The Courier-Mail reports.
Queensland Council of Social Service president Karyn Walsh said the spike in repossession claims – despite interest rate falls – was a worrying consequence of rising unemployment. |
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By: puyi
11/06/2009
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Housing fears as loan hits new high
Jacob Saulwick
June 11, 2009
SMH
THE average first-home loan in NSW has risen more than $50,000 in just over a year, climbing to $300,000 on the back of low interest rates and generous government grants.
But the surge in borrowing runs the risk of overinflating the lower end of the housing market. "We have just got to make sure that we don't get a recovery on the back of over-extended young couples," said Julian Disney, an affordable housing expert from the University of NSW.
The Reserve Bank Governor, Glenn Stevens, cited similar concerns last week, saying it would be counterproductive if low interest rates encouraged marginal borrowers to take on large debts. Yesterday's release came alongside a rise in consumer confidence, attributed to the resilience of the economy amid global recession.
Since then, the average loan for first-home buyers across the country has increased $50,000 to $283,000 - about $25,000 more than loans to buyers who already have a foothold in the market.
For NSW home buyers, the average first mortgage is $299,000, against $276,000 for existing home owners. Before October, there had been little increase in the average first mortgage for about four years.
Asked if the the market had been inflated by grants, the Treasurer, Wayne Swan, said yesterday's figures showed the benefits of the Government's economic stimulus packages.
But Mark Haron, the principal at the mortgage broker aggregation group Connective, said the market had quietened in the past couple of weeks.
There remained plenty of enthusiasm among first-home buyers, Mr Haron said, but they were having to spend longer looking for houses because prices kept going up.
Unemployment figures released today are expected to show an increase in the jobless rate. |
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By: lasty49
10/06/2009
11:31 am Yahoo! Profile:
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Vinnyboy,
No I dont think so.
Banks tend to sell off their asset books ie quality borrowers or debtors.
In the case of Lehmanns they sold off parts of the business. |
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By: vinnyboy1976
10/06/2009
10:56 am Yahoo! Profile:
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| Sorry, I mean Jay and Lasty |
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By: vinnyboy1976
10/06/2009
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Jar, Lasty,
If the bank gone bankrupt like Lehman Brother, will their property investor or people who have loan with them being forced to sell and return their money the the collapse bank?
Cheers, |
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By: kingat33
10/06/2009
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| & are u still in kindy? |
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By: kingat33
10/06/2009
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| wealth, still having school holiday? |
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By: jaymarcel
9/06/2009
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| Buying property now with a 5 year fixed at 5.5% or 10 year fixed at 6.5% is a great idea in my book, better than renting or selling your home & renting! |
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By: annie_oakley33
8/06/2009
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| You all talk out of your rears ...and are puffed up pretenders....get a life ! |
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By: wealthforlife@rocketmail.com
8/06/2009
9:43 pm Yahoo! Profile:
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rodneythesaviour
You wont be selling the shirt off your back.It'll be getting ripped off.Like you will be,before they throw you in an old peoples home.Then what happens to your dollars.You'll be paying exorbitant care rates because you dont own your own home and have too many S in the bank to qualify for subsidized care from silver chain.
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By: wealthforlife@rocketmail.com
8/06/2009
9:36 pm Yahoo! Profile:
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kingat33
Why? Missing the hecklurr are you?
Thought I had you all trained up and was about to leave for more challenging pastures when saw I the activist coming up for air again.
Hang on I just have to knock him on the head again.
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By: rodneythesaviour
8/06/2009
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Interest rates are indeed about to reach levels not seen for years!!
Yes indeed my fellow citizens.. We can only feel sorrow for those who would not see.. would not listen.. Those who rushed out to purchase property at prices, (such as those I charged for the properties I recently sold) which are not supported by the current economic conditions..
I was one of the lucky ones. I saw the writing on the wall and offloaded my properties whilst I might still make a handsome profit.
Now in retirement, I shall bathe in the warmth of the as interest rates grow and my deposits grow with them safely deposited in government insured bank accounts.
To those of you who still my doubt the words of steve_b_wilson and are hanging on to the assets you currently own in the hope that the value will be maintained despite the pending economic collapse...
I say --> Open your eyes and SELL!!
Or.. lose much more than your shirt in the months to come! |
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By: sly_guy_nsw
8/06/2009
9:17 pm |
Message deleted. Reason: Breach of terms of service |
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By: kingat33
8/06/2009
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| Wealth, having school holiday? |
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By: jkueh
8/06/2009
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Have you seen Bank has increase Term deposit rate to 6%?
LVR to 90% for full doc and 60% for low doc?
This is a sign for high interest rate in the near 2-3 years. Buy now if you have enough cash in hand or else why not wait and see. 21,000 isnt that much? if there is not first home buyer rushing in the market, what would you think the market will react? you will have more bargainable power to reduce more than 10% . that is 400k to 360k. Do more research and dont rush. |
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By: wealthforlife@rocketmail.com
7/06/2009
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Thats a turnaround after you posted this down the page?
"agree little fuzz, think that weatherforlife should get his head examined by a vet in addition to being ban from life in this forum."
Nasty little man arent you? Definitely nondemocratic by nature.Anybody with an ID like 'king at 33' must think he's supposed to be in charge of something.Your own kingdom of anarchy perhaps?
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By: kingat33
7/06/2009
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| Cheers wealth n no offence bud. |
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By: wealthforlife@rocketmail.com
7/06/2009
3:58 pm Yahoo! Profile:
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kingat33
No command works on a cat.If you owned a cat you would already know that.
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By: fengshuihkchan
7/06/2009
3:52 pm Yahoo! Profile:
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| really how much |
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By: fengshuihkchan
7/06/2009
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| i think u are really optimistic ; yes , by figure u are 100% correct but all these figures depend on time element; no body can guarantee your job is safe or your business can bloom; take another quarter year but i can guarantee in the long run two to three years A$ definitely get back to forty eight cents bye cheersf |
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By: kingat33
7/06/2009
3:39 pm Yahoo! Profile:
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| Didn't know you're a cat. Now wonder the stop barking command didn't work! |
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By: wealthforlife@rocketmail.com
7/06/2009
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| And meeow to you too.If you didnt post such a huge amount of garbage you wouldnt get heckled.Man are you over sensitive or what.Either that or your ego is so big it wont fit up anywhere where it should. |
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By: sly_guy_nsw
6/06/2009
8:08 pm |
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By: sly_guy_nsw
6/06/2009
8:06 pm |
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By: wealthforlife@rocketmail.com
6/06/2009
4:43 pm Yahoo! Profile:
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Do you consider Australia to be poor?
Where do the 'handouts' end up?
If you like to drink,you buy alcohol.if you like to smoke you buy cigarettes.If you like to travel.you take a holiday.If you have a debt.you can pay some of it off.If you like to save you can leave it in the bank.If you are building a business you can put it towards the business.
It still ends up back in the economy one way or another.
Those without a lot of wealth are going to spend it more quickly because they need to.Businesses reap the benefit as has shown in the huge jump in retail sales in the last few months.
Businesses employ people who spend on their families,their homes,their cars,their holidays,their education etc.
Just look at like getting yor tax back.
Its a win win situation for everyone.
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