The housing market in USA "has never been so bad, at least since records started in 1963". Apparently 588,000 home owners faced with negative equity walked away from their homes in 2008, which is allowed in USA, but now apparently Fannie Mae is threatening to take legal action to recoup the outstanding mortgage debt of those poor people. What a mess! Apparently there are now eight months worth of new and existing homes on the market, and of course more foreclosures will add to that.
One wonders what will happen in Australia when first home owners find it's not as easy as they thought to pay a mortgage and all the other costs of home ownership. But for the moment Australian housing markets seem as good a place as any to park money. There are not many good alternatives visible worldwide at the moment!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment